Taxation
Taxation that works for you
Taxation made Simple
Why Smith Hannah
Tax that works for you & your business
As tax legislation becomes even more complicated, innovative strategic planning can provide a real commercial advantage. By engaging our firm, you will access professionals who are knowledgeable about tax issues.
We believe that tax planning is one of the most effective ways to add value to your business and contribute to its success. You can be rest assured that effective tax planning opportunities will be explored to the full. We are always pro active and innovative.
What we offer
We offer bespoke tax solutions
Smith Hannah will work closely with you to minimise your tax burden legitimately and ensure that you remain complaint. Our capability covers all stages of a company’s lifecycle, from incorporation right through to sale.
For business start ups, we can provide advice on where to set up and how to choose the most appropriate operating structure.
We offer bespoke tax solutions tailored to your circumstances.
We have the know how and resources to handle the most complex of tax cases.
Our services include:
Business tax
Personal tax
Employment tax
Tax investigations
VAT
International tax
Wills and Inheritance tax planning
Succession planning
Property and land tax
Our Values
- Client Focus
Our clients benefit from an integrated approach based on understanding the key issues facing their businesses.
- Integrity
As an established independent firm, we pride ourselves in creating and sustaining supportive relationships . Integrity is a core aspect in everything we partake in.
- Innovation
We aim to tailor our services to meet our clients’ specific needs. We offer innovative solutions to our client’s complex issues.
Frequently Asked Questions
The main types of taxes in the UK are:
Income Tax (on earnings)
Corporation Tax (on company profits)
Value Added Tax (VAT) (on sales of goods and services)
National Insurance Contributions (NICs)
Capital Gains Tax (on the profit from selling assets)
Inheritance Tax (on the transfer of wealth upon death)
Income tax rates for individuals depend on their income bracket:
Basic Rate: 20% on income over the personal allowance up to £37,700 (as of the 2024/2025 tax year).
Higher Rate: 40% on income over £37,700 up to £150,000.
Additional Rate: 45% on income over £150,000.
Personal allowance is £12,570 for most people (subject to reduction for higher earners).
The personal allowance is the amount of income that is not taxed, which is £12,570 for most individuals in the 2024/2025 tax year. This can be reduced if the income exceeds £100,000.
Corporation Tax is a tax on the profits of companies and certain other organizations. The main rate for Corporation Tax is set at 25% for companies with profits over £250,000. Lower rates apply for companies with profits below £250,000.
Marginal relief is a tax measure designed to provide a smoother transition between different tax rates as profits or income increase. It prevents a company or individual whose earnings just cross a tax threshold from experiencing a sudden, disproportionately high tax increase.
Our Approach: We do all the work for you
Our clients benefit from an integrated approach based on understanding the key issues facing their businesses.
This enables us to meet their needs at each stage of development and allows them to focus on building the value of their business. We have strong skills and resources in the region and our clients’ results prove that.
Why Smith Hannah?
We take care of everything so you don’t have to. As Chartered Certified Accountants, we offer a wide range of business advice and accountancy services tailored to meet your requirements. When you engage us, you can be confident that the work will be carried out by dedicated professionals. We view individual client relationships as our most valuable asset and this philosophy extends to everything that we do. You’ll have one less thing to worry about, which means a happier workforce and better time management for your business.