Tax is a very complicated and time consuming task that businesses and their owners have to deal with. There are complicated rules and also regular updates to legislation. Don’t worry though as we can take care of this beast, allowing you to focus on your business instead. Making sure you don’t overpay or underpay and that there aren’t any nasty surprises in the future.
We keep you updated with the status of your upcoming tax liabilities, allowing you to budget for them and we give you plenty of notice before the payments are due.
One of our favourite things to do is minimise the amount of tax you and your business has to pay. Making sure you claim for everything that you are entitled too. Freeing up these funds, not only helps cash flow but also gives you more money to invest in the business.
💷 Income Tax Returns
If you are self-employed, then you will need to complete a self-assessment tax return, for the money you earned in the previous tax year. This includes sole traders, partnerships, landlords and also company directors. We can prepare your tax return for filing with HMRC.
We help minimise the tax you are liable for, by making sure you claim for everything that you are entitled to. This includes things such as personal expenses incurred whilst you work. The rules for what you can claim is constantly changing and we apply these new rules each year. We are also on hand to give you advice as and when needed.
🗄 Corporation Tax Returns
Formal limited companies and partnerships need to complete a corporation tax return for the previous accounting year, which is given to you by Companies House. This is a tax on the profits that the company made in that period. We can prepare your corporation tax return for filing with HMRC.
As a company owner, it is your legal responsibility to ensure that you comply with corporate tax obligations. So it is important to get the right support from your accountant to achieve this.
🧾 VAT Returns
If your business is registered for VAT, then you must complete regular VAT returns. These usually need be completed every 3 months, but for some companies it can be different. This is called your VAT accounting period.
VAT returns must now be calculated and transmitted electronically, please see Making Tax Digital below. The values submitted includes things such as your total sales and also your total purchases. You can deduct the amount of VAT paid on purchases from the VAT charged on sales, so it is important to get your figures correct and pay only what you are required to.
🖥 Making Tax Digital (MTD)
Making Tax Digital (MTD) is a recent change to how your VAT returns are filed with HMRC, which is now done digitally. If you are VAT registered, then you will now need to have a digital record of your accounts in order to calculate your VAT values and then submit these electronically.
We can ensure that you follow these new rules and we have become a Making Tax Digital ProAdvisor for Quickbooks as part of this process. Alternatively we can also use other services to make sure your business is compliant.
👨💼 Employment Taxes (PAYE + RTI)
Pay As You Earn (PAYE) is the system used by HMRC to collect income tax and national insurance from your employees and also the national insurance contributions from your business. It is your responsibility to make these deductions before paying wages to any employees. HMRC uses an electronic system called Real-Time Information (RTI) for submitting the value of wages, tax and national insurance. This has to be submitted before you can pay any wages out of the business. We can assist you in setting up systems in order to process payroll and pay these taxes.
👍 Business Accounts
Keeping your business accounts up to date makes filing taxes much easier, we can take care of some or all of this for you. For more information please take a look at our business accounts page.
