Accountants in
Norwich

19% on profits up to £50,000 and 25% on profits over £250,000. Between those figures marginal relief applies, which produces an effective marginal rate of 26.5% on the profits falling in the band.

Both thresholds are divided by the number of associated companies. If you control two companies, the small profits limit becomes £25,000 each, which frequently surprises people who set up a second company for a side venture.

Possibly, but the rules have tightened considerably and HMRC scrutinises claims closely. The work must seek an advance in science or technology and resolve genuine technical uncertainty that a competent professional could not readily work out.

Ordinary product development, cosmetic changes and routine software configuration do not qualify. We will give you a straight assessment rather than encouraging a speculative claim, because an unsuccessful one now carries real risk.

Anything incurred wholly and exclusively for the business. For most sole traders that covers stock and materials, tools and equipment, business insurance, accountancy fees, business travel and mileage, phone and internet on the business proportion, and a reasonable amount for working from home.

What you cannot claim is ordinary commuting, client entertaining, or the personal share of anything you use for both business and private purposes. We go through this with you rather than guessing.

By the 22nd of the following tax month if you pay electronically, or the 19th if you still pay by post. Small employers whose average monthly liability is under £1,500 can arrange to pay quarterly instead.

We tell you the amount and the deadline every period, so it is never a guess.

Accounts are due at Companies House nine months after your accounting reference date. Your corporation tax return is due twelve months after year end, but the tax itself must be paid nine months and one day after year end — so payment comes before the return is due.

A first set of accounts is different: they are due 21 months after incorporation. We put all of your dates in writing at the start so nothing creeps up.

You generally need to file if you were self-employed with turnover over £1,000, received rental income, are a company director taking dividends, made a capital gain above the annual exempt amount, or earned over £50,000 while you or your partner claimed Child Benefit.

If you have had a notice to file from HMRC you must submit a return even if you owe nothing, until HMRC withdraws the notice. If you are not sure, ask us — it takes five minutes to check.