Completing a Personal Tax Return, which is also known as a self-assessment, is required by sole traders, partners in a partnership, limited company directors and shareholders. It is often a very time-consuming and sometimes stressful task, especially if left to the last minute.
When you complete a self-assessment, you need to report all of your personal earnings for the relevant tax year and return it by the 31st of January. If you miss this deadline you will receive a late penalty of £100 and more penalties if you wait any longer afterwards.
Our Personal Tax Return Service Includes:
- Registration with HMRC and become your Tax Agent
- Advice and guidance on what items are needed for the return
- Preparation and filing of your self assessment tax return
- Speak to HMRC when required to obtain missing records or discuss tax codes etc
- Advice on your self assessment tax bill and when to make payment
- Email and telephone support as needed
Limited Companies normally have to complete a Corporation Tax Return on an annual basis from the year end accounts that are filed at Companies’ House.
There are several adjustments that have to be made to the year end profit to calculate the taxable profit, from which a company pays a 19% tax charge.
There are also opportunities to make use of tax planning so that the corporation tax profit is lower than the year end profit.
This includes making adjustments for:
- Capital allowances claimed on business assets purchased in the year
- R&D tax credits
- Staff & client entertaining
- Losses in the current year
- Losses brought forward from previous years
Here at Elite Financial Accounting we offer advice on your tax liabilities, negotiating with collectors, completing all the necessary tax computations and dealing with all correspondence from the HMRC.
We identify suitable tax planning opportunities and look to save as much money for our clients that is legally possible.
Sticking to deadlines and keeping appropriate records can often be tricky and we work in partnership with you to ensure the most cost effective and reliable systems are kept in place.
Our current clients include, individuals and sole traders, partnerships and limited companies.
If not dealt with efficiently, tax returns and self-assessments can often become time consuming and slow down individuals who are busy trying to run their business in today's competitive climate. We have worked with multiple clients assisting them when dealing with HM Revenue & Customs.
There's no technical speak from us. We pride ourselves on communicating in an open, honest and transparent way that won't blind you with unnecessary terminology and jargon.
Contact us today to find out how we can help your business.