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.
Understanding your numbers by working with your accountant
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Understanding your finances?
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Keeping your records up to date?
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Meeting Deadlines?
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Contacting your accountant for help and advice?
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Growing your business systematically with confidence?
You know what to do
Dont get left behind - help is on hand
Technology is changing the way we do business and how accounts are kept. Soon the government will require many businesses to submit their tax information via the cloud. At Park Lane Accountants we want to make sure nobody gets left behind. We’ll introduce you to cloud accounting and help you implement the right tools for your business.
Package 1 - For Smaller Businesses
For your business
- Accounts & Tax Returns prepared and filed in good time (for Companies, Partnerships and Sole Traders)
- Companies House Annual Return prepared and filed if applicable
- Ongoing access to advice via your dedicated client manager
For you
- Your Personal Tax return prepared and filed in good time.
- Tax saving advice included
Key Features as standard
Access to a dedicated named client manager ensuring guidance and advice
Access to our secure online document vault to allow secure exchange of information
Fast onboarding and we deal with your old accountant
All services can be added or scaled and are flexible - pay for what you need and nothing else.
Package 2 - For Established Businesses
For your business
- Everything detailed in package 1 plus
- Bookkeeping - keep everything tidy and organised
- Payroll - keep everyone paid and happy knowing the complexities are covered
For You
- Your Personal Tax return prepared and filed in good time plus up to 3 sources of income including:-
- Rental Accounts
- Dividends
- Self Employment
- Employment
- Pensions
- Tax saving advice included
Key Features as standard
Access to a dedicated named client manager ensuring guidance and advice
Access to our secure online document vault to allow secure exchange of information
Fast onboarding and we deal with your old accountant
All services can be added or scaled and are flexible - pay for what you need and nothing else.
Package 3 - For Businesses Insights and/or Growth
For your business
- Everything detailed in business package 2 plus
- Monthly or Quarterly Management Reports with a quarterly meeting either in our office or online live
- At least one planning session per year where we will look forward, set target and goal and measure progress.
- Ongoing business advice and insight to help you identify opportunities to grow and make more money.
For You
- Everything in package 2 plus mortgage references ioncluded as standard.
Key Features as standard
Access to a dedicated named client manager ensuring guidance and advice
Access to our secure online document vault to allow secure exchange of information
Fast onboarding and we deal with your old accountant
All services can be added or scaled and are flexible - pay for what you need and nothing else.
Peace of Mind
Running a business is demanding enough without worrying about tax deadlines, HMRC letters or payroll errors. We make sure everything is handled accurately, on time and in full compliance — so you can relax knowing your finances are in safe hands. With clear advice and proactive support, there are no surprises — just confidence and control.
Approachability
We believe your accountant should be easy to talk to and quick to respond. No jargon. No judgement. Just straightforward advice whenever you need it. We build long-term relationships with our clients, taking the time to understand your business and offer support you can rely on.
Growing Your Business
Good accounting is about more than reporting numbers — it’s about helping you move forward. We provide clear financial insight, tax planning and practical advice to improve profitability and cash flow. Whether you're just starting out or scaling up, we’ll help you make informed decisions that support sustainable growth.
Values
Our work is guided by integrity, transparency and accountability. We believe in clear advice, honest conversations and long-term relationships built on trust. Every decision we make is focused on delivering real value to our clients.
On YOUR Side
We’re here to support you, not just file your accounts. Whether you’re dealing with HMRC, planning your next move, or facing a financial challenge, we act in your best interests at every step. Think of us as part of your team — always working to protect and strengthen your position.
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.