IBISS & CO Limited

a-man-sitting-at-the-table When you're running a business, you have to manage a lot of things to ensure your business operates smoothly. For tax computation and filing and consistent bookkeeping, you need to hire accounting and tax consultants . A tax consultant can also help you manage half the stress of dealing with your business finances. A professional accounting and tax consultant  will also provide you with invaluable advice regarding managing your tax and accounts. Let's discuss how tax consultants can help your business. To schedule a tax consultation in London or Walsall , visit IBISS & CO. Advisory Services Tax consultants won't just help you out with tax and finance planning but will also give you good advice. A business has to face many challenges ,  and a tax consultant can help you out with business expansion, managing cash flows, bookkeeping, risk management, and other things. Because many consultants also offer advisory services, it's safe to say the...

Professional-tax-advisor When you're not a UK resident, it can be hard to keep track of all the tax obligations that apply to you. The tax regulations for non-UK residents  are complex, and they also tend to change every year, so it's important to stay up to date with any changes to avoid paying too much or too little tax. You can hire a professional tax consultant in London or Walsall to help you prepare your tax returns. Here's what you need to know about paying taxes as a non-UK resident: Residency Status Your tax residency status in the UK is determined by the country of your main residence, such as your domicile. Not only that but your assets and income will also affect how you report your taxes in the UK. Generally speaking, you're only subjected to pay income tax if the source is located in the UK or you're earning more than a certain amount a year. The HMRC has come up with a statutory resident test that can help you determine your non-residency status in th...

  tax-word-on-top-of-gold-coins Is your business registered for VAT ? If so, you need to start VAT planning to ease your burdens and improve cash flow. As a business owner, you need to think about your company’s financial stability. VAT planning is especially helpful if you’re not getting any tax relief. Since VAT is an important part of corporation tax, accounting for it can be challenging. Plus, it also affects your business’s profit margins and competitiveness. To handle VAT effectively and keep HMRC happy, read on. For accounting and tax consultants in London and Walsall,  visit IBISS & CO . Defer the Time When you’re issuing a sales invoice, make sure to time it. You can improve your cash flow by ensuring that sales invoices are issued when the VAT period begins. This will allow you to manage cashflows better and is only possible with a tax accountant’s help. Optimise VAT Recovery When you incur costs and have purchase invoices, you can optimise VAT recovery on them. ...

Tax-records Maintaining small records often seems to be a hassle for many business owners. Businesses in the UK are no different as they struggle to manage their record-keeping and often end up discarding important receipts. While we understand it’s not very appealing to keep piles of receipts and invoices, doing so is crucial for many reasons. The UK government collected £716 billion  in corporation tax  in 2021/22, and many businesses that enjoyed tax benefits did so while maintaining their financial record. Want to learn more about it? Continue to read below. Importance of Keeping Receipts Reading these benefits below will change your mind if you don’t want to hold onto your receipts. Have a More Streamlined Record Businesses across the world are required to have a well-organized and streamlined record for tax purposes. Keeping a record of all your business purchases on software or application can help you with that. Receipts come in handy to explain your spending and incom...

  white-and-black-house-photo If you'd like to know more about house flipping in the UK  and if it helps avoid Capital Gains Tax, this is the guide for you. House flipping has been on the rise lately but if you want to avoid making any mistakes with potential tax implications, consult a capital gain tax advisor at IBISS & CO. Flipping houses can have certain limitations, which can cause result in taxes decreasing your profits. Whether you want to flip houses to make extra cash or as a source of income, we'll discuss everything you need to know. How Does House Flipping Work? House flipping  is a real estate strategy where someone buys a property, keeps it for a short while, and sells it at a profit. Flipping houses means buying a home not for residence but as a real estate investment. It involves speculation about real estate market prices, similar to stock market prices. Sometimes flippers renovate the property to sell it for a higher price. Other t...

notebook Every year, HMRC opens investigations when there is any suspicious activity. In 2021, the HMRC’s fraud investigation services recovered more than £1 billion . However, not all businesses or individuals that are suspected of fraud and tax problems are committing these crimes. Here’s how to avoid investigations and settle disputes when that happens. 1.   Document Everything It’s unnecessary that you did something wrong or committed a crime for HMRC to launch an investigation. They can launch it to clear up some concerns or questions they have. They might not understand some of the documents that you submitted, or some might have been missing. To avoid that happening, document everything. If there is an enquiry, hold all letters between yourself and the HMRC. If you were exchanging documents with them, keep copies of all the documents. Also include notes of phone calls, emails, and any other interaction. Also, send your information through recorded delivery for proof of posta...