All business entities are subject to tax which is calculated on the business profits from the annual accounts.
For sole traders and partnerships, the tax due is collected through Self-Assessment and is payable by 31 January each year. This is also the filing deadline for your return.
You have a legal obligation to register for Self-Assessment within three months of commencing trade. We can assist you with the completion of the relevant forms for submission to the various HM Revenue & Customs offices.
It is not only the self-employed who must register for Self-Assessment, for example, higher-rate tax payers, non-residents, directors, shareholders and those receiving rental income are also liable to Self-Assessment. If you would like advice as to whether or not you should be registering please contact us
On an annual basis we will send you a checklist containing all of the information we require to complete your Self-Assessment Tax Return. Once prepared, we will forward your tax return to you for confirmation before filing online on your behalf.
Limited companies are subject to Corporation Tax on the profits that they make. We will calculate this from the annual accounts and prepare the CT600 – Corporation Tax Return on behalf of the company. We will file these online once approved by you and send to HM Revenue & Customs together with the now statutory iXBRL accounts.
Tax planning will avoid any unexpected tax liabilities and help you to set funds aside to meet these tax payments when due.
So what are you waiting for? Contact us today.