Accounting
& Tax Essex

You need to complete a self-assessment tax return if you are self-employed as a sole trader, a partner in a partnership, a company director, a landlord receiving rental income, or if you have income from savings, investments or abroad. You also need to file one if your income exceeds £100,000. We handle self-assessment returns for individuals and businesses across Essex every year.

Corporation Tax is the tax your limited company pays on its taxable profits. Your company must file a Corporation Tax return (CT600) within 12 months of your accounting period end and pay any tax owed within nine months and one day of that date. The main rate is currently 25% for profits over £250,000 and 19% for profits under £50,000, with marginal relief in between. We calculate, plan and file everything for Essex LTDs.

There are several legitimate strategies: claiming all allowable expenses, structuring salary and dividends efficiently, using Annual Investment Allowance for equipment purchases, contributing to a pension, timing income and expenditure across tax years, and utilising available reliefs such as R&D tax credits or Enterprise Investment Scheme (EIS). We take a proactive approach to tax planning for every Essex client.

For most private limited companies, your first accounts must be filed within 21 months of incorporation and subsequent accounts within nine months of your accounting year end. Your confirmation statement must be filed within 14 days of the anniversary of incorporation. Missing these deadlines results in automatic penalties from Companies House. We track all deadlines for every Essex client we work with.

You must register for VAT once your taxable turnover exceeds £90,000 in any 12-month period. However, some Essex businesses register voluntarily even below this threshold — particularly if they have significant VAT-registered customers, as it allows you to reclaim VAT on your purchases. The flat rate scheme can also be beneficial for smaller businesses. We advise on the most tax-efficient VAT position for your business.

AIA allows businesses to deduct 100% of the cost of qualifying plant and machinery — including computers, vehicles (with some exceptions), equipment and machinery — in the year of purchase, rather than depreciating it over several years. This can significantly reduce your taxable profit. The current AIA limit is £1 million per year. We ensure all Essex businesses claim this relief in the most effective way.

If your business carries out research and development — including software development, engineering innovation, new product development or process improvement — you could be entitled to R&D tax credits. For SMEs, the relief can be worth up to 33p for every £1 spent on qualifying R&D. We assess your activities, identify qualifying expenditure and submit R&D claims on your behalf.

Most director-shareholders benefit from taking a low salary (up to the NI threshold or personal allowance) and extracting the remainder of profits as dividends, which are taxed at lower rates than employment income. However, the optimal split depends on your personal circumstances, the company's profit level and other income. We calculate the most efficient combination for every Essex director we work with.

Simply call us on 01268 799919, email natalie@rocketaccountants.co.uk or use the contact form on this website. We will arrange a free initial consultation, assess your current situation and provide a clear transparent quote. Switching accountants mid-year is straightforward — we handle the transition from your previous accountant and make the whole process seamless.