01803 228 628
01803 228 628
Under Self Assessment, everyone who is required to file a Tax Return must file an electronic return by the 31st January following the Tax Year end. Failure to do so will result in penalties being charged, along with interest and surcharges for any underpaid/unpaid tax.
I provide a service taking all your data and completing a Return for your approval. I then file online for you.
When you are in business for yourself, the Accounts form an integral part of your Tax Return. Without them, you are unable to complete the Return and pay the correct amount of tax and national insurance. I can take your paperwork or computer data and compile a set of accounts for your financial year.
Partnerships also need Accounts to form part of each individuals Tax Return. There is also a Partnership Tax Return that needs filing. Again, failure to file the partnership Return will result in penalties being charged, but in this case against each partner. This could therefore be a £400 fine for a 2 partner business (2 personal returns and 1 partnership return x 2 partners)
Partnership accounts also show the allocation of the profit between the partners, and their levels of drawings from the business. This may disclose that some partners are drawing more money than their profit share entitles them to.
Remember, the profit share on the accounts may not be the same as the taxable profit share due to tax related adjustments (disallowable expenses for tax purposes and capital allowances)
Limited Companies are required to file their own Self Assessment Corporate Tax Return 12 months after the financial year end. They are also required to pay Tax due 9 months and 1 day after the financial year end.
Corporate Tax Returns now have to have Accounts submitted in iXBRL format, rather than the old fashioned paper method. This means either buying software yourself, or appointing an agent to deal with this for you. Accounts are always individual, which may require tagging of certain items.
I can provide a service covering the preparation of the Return, creating the Accounts in iXBRL format, and electronically submitting the whole.
Limited Companies also have to file Accounts on the public record at Companies House. It is one of the costs of gaining limited liability. The Accounts must be filed within 9 months of the financial year end, and must conform to certain legal requirements. I offer a package that ensures that all necessary disclosures are included within the accounts, and, subject to receiving the information on time, filed by the due date.
Another requirement for Limited Companies, is the filing of an Annual Return every twelve months. This sets out the officers of the Company, the Registered Office address, the SIC number, which identifies what sector the business works in, and the share capital and shareholings.
I provide a package whereby I enter all the necessary details, confirm with you that they are correct, before completing the filing online, with fee paid, which I then reinvoice to you.
Everyone wants to pay as little tax as legally possible. Are you claiming all the allowances you are entitled to? Capital Allowances? Other Expenses? I can discuss your affairs with you to see if there are any tax saving areas.