Self Assessment Tax Returns
Let us assist you with the completion and submission of your Tax Returns so you will never again be issued with penalties, fines and excessive tax (providing you passed to us the relevant papers in good time).
Any person who is required to make a Return must also keep appropriate tax records. The maintenance of the records is vital together with the accuracy and the need for them to be comprehensive.
Where a person is involved in a trade, profession or business, all records must be kept safe for five years and 10 months after the end of each tax year. For other individuals who just file a Return with no trade income the retention time is twenty-two months after the end of each tax year. Other authorities may require your business records to be kept longer e.g. if you are registered for VAT.
Please note that the Inland Revenue has the power to call for all the papers and documents if a Return is selected for review or investigation.
Time Limits & Due Dates
Payment of Tax
Tax on all sources of income and gains is payable on the same date, saving many individuals from having several different tax assessments for the same year and possibly from different tax districts.
The normal due date for tax is 31st January after the tax year end of 5 April. Although many people will be required to make payments on account on 31st January in the tax year and 31st July following. The payments will generally be based on the previous year and will be 50% of the tax assessed.
The normal filing date for a Return is 31st January where you (or your agent) calculate your tax liability although forms issued after 31st October will be required to be submitted within three months.
If it is desired that the Revenue calculate the tax due the form needs to be submitted by 30th September.
- Interest will be charged on all tax paid late
- A 5% surcharge will be levied on sums more than 28 days late
- A further 5% surcharge will apply if sums are outstanding after 31st July
- There is a tax geared penalty for incorrect Returns and Accounts claims
- Record keeping – penalties for failure to keep and retain complete tax records
- Late Tax Returns – fixed and daily penalties sometimes tax geared
Warning in some cases the penalties can be £3,000!
Let us take the burden off your hands with wages, salaries, tax, National Insurance and sick pay to be calculated, often at varying rates for different grades of personnel, administering your payroll can be extremely time-consuming and costly.
Making mistakes can be particularly costly. Missing Inland Revenue deadlines or submitting incomplete returns, for example, can now result in large penalties.
Employers must now provide all their employees with end of year tax summaries by fixed deadlines.
That is why it has never been more important to seek specialist, professional support.
Using the latest specialist software, we can make all the calculations you require, keeping track of weekly or monthly paid staff, their personal records and tax codes. We can also provide detailed computerised payslips and ensure direct transfer of salaries to your employees’ bank accounts. This is a service that can not only help with the day to day grind of payroll administration, but can also assist with cash-flow projections and business planning. For at the end of each month, we will supply accurate updates on tax, National Insurance, PAYE payments and other key figures.
By using this service you will be assured of fast and accurate information, which complies fully with current legislation and tax regulations.
Company Taxation Services
Once we have completed your annual accounts we will prepare a corporation tax computation and a corporation tax return on form CT600 and submit all of the required documents to the Inland Revenue. Self-assessment for companies has been introduced for a number of years now. We intend to submit documents electronically as soon as the Inland Revenue introduces the scheme.
We advise on the principle that positive business decisions are assisted by the ability to assess timely and accurate information. We enable you to adhere to this principle by ensuring that your accounting books and records are properly maintained either manually or by our own computerised system. This service can be specifically adapted to meet your individual requirements.
As a minimum you will need trading accounts normally prepared annually. If there are any tax advantages to be gained by preparing accounts for a shorter or longer period we can identify the opportunity and advise you of your optimum choice. Once the accounts have been prepared and approved we will prepare the additional schedules to accompany your Self-Assessment Income Tax Return necessary for submission to the Inland Revenue.
The trading accounts needed by partnerships are often similar to those required for sole traders.
Each partner will be required to submit an Income Tax Return and each partner is separately responsible for his or her share of the partnership income and for the payment of his or her own tax and national insurance liabilities.
The accounts required by a limited company depend on the turnover.
In the majority of cases where the turnover does not exceed £5,600,000 we need a set of accounts which comply with the Companies Act and for which the Directors take responsibility.
In every case the company must prepare a Corporation Tax computation and prepare and submit a return on form CT600. The Company’s accounts must be filed with the Registrar of Companies within strict time limits. We will attend to all these requirements on your behalf as a matter of course.
To provide you with a personal, friendly and totally confidential service