It is a legal requirement to declare your tax liabilities by filing one or more tax returns every year with HM Revenue & Customs (HMRC). Accountancy and Office Services compiles all the information you need to file your annual tax returns, and ensures those returns comply with current legislation and are submitted correctly and on time.
The type of tax return you need to submit depends on your business:
- Self Assessment – If you’re running a business, whether it’s as a sole trader, part of a partnership or as a company director, you must complete and submit a Self Assessment tax return that enables HMRC to calculate your personal tax liability.
- Corporation Tax – Businesses that are active and registered with Companies House (and some that are dormant) are legally required to file Corporation Tax returns that enable HMRC to calculate the tax liability on their profits.
- Value Added Tax (VAT) – Any business that has an annual turnover of more than the current VAT threshold (currently £85,000) needs to levy the government’s sales tax on its goods and/or services and file a VAT return to HMRC on a quarterly basis. Companies trading with other countries of the European Union must also provide details of transactions over a certain value for the Intrastat system, the collection of statistics on trade in goods and services between EU member states.
Tax legislation is constantly changing, which can make completing your annual returns a very onerous task indeed. Accountancy and Office Services helps you navigate the potential pitfalls and ensures you benefit from tax efficiencies where appropriate. We help you record all the information needed to complete your Self Assessment, Corporation Tax and VAT returns, and then we analyse that information in good time before they have to be filed in order to identify any savings that can be made. We also make sure your tax information is completely correct, which not only maximises your tax efficiencies but minimises the risk of future HMRC inspections.
For more information or to arrange a free, no-obligation quotation, call Vallery Lee on +44 1295 812714 or +44 7767 831403 between 09:00 and 17:30 weekdays or 09:00 and 12:00 Saturday mornings. (You can also email us using the message form here.)