Office Solutions for Hull & East RidingStreetwise Professional Services Limited
Tax rates and allowances Budget Report


For many years, tax queries have been at the forefront of many sole traders and partnerships minds, once their business activities reached a certain level. In such cases, professional advisors would discuss a client's individual aims and aspirations and take into account all pertinent personal circumstances before offering advice.

This is still the best method to be adopted when providing such advice, however, since the 2002 Budget when the chancellor introduced some very interesting tax incentives for limited companys, there are now more financial benefits to consider when making this decision.

Due to changes in tax regulations over the last 5 years, many individuals have opted to form Limited Companies, with the intention of saving tax.

With the continued ability to take "dividends" (a device only available to shareholders of limited companies) without attracting any National Insurance contributions, and the abolition of Advance Corporation Tax (ACT) several years ago, thus making it much easier to draw dividends throughout a company's trading year rather than just at the end of it, the case for incorporation increases further.

The change in taxation being paid in advance under Self Assessment Rules for Self Employed and Partnerships is also removed by incorporation with the burden of lesser tax being spread over a longer period thus aiding cashflow and financial forecasting.

We offer the usual tax compliance services that businesses have a statutory obligation to complete.

We deal with the Inland Revenue on your behalf, taking the worry away from you. This work covers some of the following:


  • Self-Assessment Tax Returns - Individuals, Partnerships and Limited Companies.
  • Tax Computations
  • Liaising with the tax authorities
  • VAT Returns
  • End of Year PAYE Returns -P35, P60's, P11D'S

Whilst these jobs are important, all accountants should be capable of completing them. We are more interested in maximizing your tax planning opportunities.