Tax: Corporate & Personal — What You Need to Know
Corporate Tax Planning: How Companies Reduce Tax Liability
Good corporate tax planning means:
- Claiming all allowable expenses
- Using capital allowances on equipment and vehicles
- Timing income and expenses strategically around the tax year
- Making use of R&D tax credits (if eligible)
- Claiming reliefs on business losses
Our job is to ensure you pay only what’s due — not a penny more.
Choosing the Right Business Structure
Personal tax isn’t just your salary. It includes:
- Self-assessment tax returns
- Dividend income
- Rental property income
- Savings and investment income
- Pension income
- Capital gains
Park Lane manages your self-assessment from start to finish, making sure everything is claimed and reported correctly.
Tax Efficiency for Directors: Salary vs. Dividends
Directors of limited companies can legally reduce personal tax by:
- Taking a low salary within the personal allowance or National Insurance threshold.
- Drawing additional income as dividends, which are taxed at lower rates than salary.
We advise on the most tax-efficient split based on your profits and personal situation.
Common Allowable Expenses
Claiming the right expenses lowers your taxable profits. Common claims include:
- Office rent and utilities
- Travel and mileage
- Professional fees (accountants, legal advice)
- Software subscriptions
- Business insurance
- Marketing costs
- Home office expenses
We help ensure nothing is missed — but also keep you clear of risky or disallowed claims.
Capital Gains Tax (CGT) Basics & Planning Tips
You pay Capital Gains Tax when selling assets like property (that’s not your main home) or shares. Planning tips include:
- Making use of your annual CGT allowance
- Timing disposals across tax years
- Transferring assets between spouses to double allowances
- Claiming reliefs like Business Asset Disposal Relief if eligible
We help you plan sales strategically to minimise tax.
Deadlines and Penalties to Watch Out For
- Corporation Tax Return (CT600): due 12 months after year-end
- Corporation tax payment: due 9 months and 1 day after year-end
- Self-Assessment tax return: due 31 January
- Self-assessment payment: due 31 January (and 31 July for payments on account)
Late submissions mean automatic penalties — and late payments add interest. Park Lane keeps you ahead of every deadline.
How Park Lane Supports HMRC Enquiries
If HMRC raises a query or opens an investigation:
- We handle all communication with HMRC on your behalf.
- Provide the necessary records and explanations.
- Negotiate fair settlements if needed.
- Minimise disruption to your business and personal finances.
Having professional representation from the start makes a huge difference in the outcome of an enquiry.
Our Service Packages are bundled for value.
They illustrate that we have an offering for every stage of the business lifecycle.
Our Fixed fee Micro Package for small companies from just £100 + VAT monthly
Aimed at small businesses with revenue of £90k per year or more
For Your Business
- Annual accounts prepared and filing
- Companies House Confirmation statement filed
- Corporate Tax Return prepared and filed
- Payroll processing & filing for Directors and employees
- Profit extraction advice & tax mitigation planning meeting annually
- Access to your businesses secure e-vault
- Accounting software available - Xero or Quickbooks
For You
- Personal Tax Return and computation submissions
- Payment reminders included for January & July
- Rental accounts, share dividends, interest all included.
- Access to your personal secure e-vault
Plus unlimited e-mail support only from your named accountant client manager.
Our Business Package starts from £150 + VAT monthly
Aimed at established businesses with revenues over £90k with an accounting system in place
For Your Business
- Everything in our Micro Package for your business Plus
- VAT check & filing quarterly
- Ongoing bookkeeping advice & assistance with reconciliations
- Pre year end meeting to identify tax saving opportunities and actions.
- Post year end review with full explanation of results
For You
- Everything in our Micro Package for you Plus
- Pre tax year end meeting to identify potential tax saving opportunities
- Review of profit extraction advice and "what if" scenario illustrations
- 2 accountants references for mortgage or loan applications included
Plus unlimited e-mail support & unlimited telephone support from your named accountant client manager.
Our Grow & Control package from £400 + VAT monthly
Aimed at established businesses with the desire to grow and have all the numbers to hand.
For Your Business
- Everything in our Business Package for your business Plus
- Our assistance with planning and budgeting for your business - if you are serious you need a plan!
- Our flagship bookkeeping service delivered by our experienced and fully trained bookkeepers.
- Monthly or Quarterly management accounts with comments and insights
- Quarterly review in person with your account manager - designed to identify key actions to improve or grow your business
For You
- Everything in our Business Package for you Plus
- Consultation on planning for business exit, sale, retirement or succession - a personal plan for you and your family.
Plus unlimited e-mail support & unlimited telephone support from a named accountant client manager.
Why Choose Park Lane Accountants
Friendly service
At Park Lane, we care about you and your business, and we’re always just a phone call or email away
Peace of mind
Our helpful, jargon-free approach takes the stress out of tax, bookkeeping, payroll, pensions and more
Grow your business
Using our experience and expertise, we can help you identify and capitalise on new opportunities
Modern tools
We use the latest cloud-based accounting software to keep your finances up-to-date, accessible and secure
We are your local accountant - always
Based in the community, we understand local needs and are proud to support other small and growing businesses. That said our reach is far and we know that our clients value the relationship we hold above everything else.