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Online Accounts and Tax Return Preparation and Submission to HMRC for Individuals, Small to Medium Limited Companies, Partnerships and Charities. 2 Convenient Ways -Drop off or send your file via Contact form on this Website -Your tax assistant will prepare
Bookkeeping Services including: Bookkeeping Entries for Income and Payments Final Year End Accounts Payroll, GST, VAT Returns, Corporation Tax Self-Assessment Tax Return Statutory Accounts for Micro-Entity. Independent Accounts Examination Fully regulated and ICB supervised for MLR Registered Bookkeeping Practice
Get as much help and support with your tax return as you need. Your Tax Assistant will answer all your questions and will assist with preparation and filing of your accounts. If you think you have been overpaying in taxes
UK Tax Dates and Deadlines
- The tax year runs from the 6th April – 5th April
- Accounts of Self-Employed individuals need to be calculated according to these dates.
- Tax Returns can be submitted from first day of new tax year.
- 30 October last day for paying your Class 2 NIC(National Insurance Contributions).
- 31 October:paper filing of tax return.
- 30 December: last day to choose to pay any tax due through PAYE code, for those who are also employed, but only if tax return is submitted before 30 December.
- 31 January deadline for online self-assessment filing (method preferred by HMRC). It is also the deadline for paying any income tax due, Class 4NIC and your first payment on account for next year.
- 31 July due date of your second payment on account.
- File your taxes on time.
- It is important that you file your tax return on time.
- If you fail to file on time and pay any taxes you owe (including interest) you will be subject to the following penalties.
- Failure to send in the tax return by the required date – automatic penalty charge of £100 (even if the return is late by a single day)
- After 3 months – the late return may attract additional £10 per day penalty charge from HMRC.
- More that 6 months old returns – a further penalty may be applied equal to greater that £300 or 5% of the tax liability for the year.
- For a return late more than 12 months, a further penalty may be applied equal to or greater that £300 or 5% of the tax liability for the year.
- None of these penalties will be charges if the taxpayer has a reasonable excuse for a late submission, e.g. serious ill health.
- Personal Tax Allowance for the year 2022-2023 is £12,570.
- Everyone receives Personal Allowance, even children, who do not pay tax as they do not work.
- If they have a saving account, any income from savings is usually well below this allowance.
- Students and young people over 16, who have their NI number, and start working part-time, are liable for mandatory National Insurance Contributions if they start earning £184 a week or have profits of £6,515 per year (like the self-employed).
The way we prepare and file accounts is changing.
VAT-registered businesses now have to submit their tax return via MTD-compatible software.
If your business’s turnover is below the VAT registration threshold, you don’t need to sign up for MTD yet, but you will need to sign up for MTD for Income Tax Self Assessment (ITSA) by April 2024.
File with Your Tax Assistant.
Private Limited Companies
- Most UK companies registered with Companies House, are required to file Annual Accounts within the following deadlines:
- •New Companies – their first set of Annual Accounts within 21 months from the incorporation date.
- •Established Companies file their Annual Accounts according to their Accounting Reference Day (ARD)- which is the anniversary of the last day of the month of incorporation. This applies after the filling of the first set of Annual Accounts. For example, a company incorporated on the 15th of July will have their ARD on the 31st of July next year and every year after.
- The UK and non-UK Limited Companies (which trade through a permanent establishment) are subject to Corporation Tax, which is tax on Total Taxable Profits.
- A New Company must notify HMRC that it has started trading even if it does not make any profit. A deadline for doing so is three months of the beginning of the accounting period. Failure to do this may result in penalties.
- Company Tax Return and payment must be submitted electronically according to HMRC Notice CT603 to deliver Corporation Tax and not later than 12 months of the end of the accounting period.
- Unlike individual tax liability, HMRC does not calculate Corporation Tax liability.
How it works?
- Drop off or send your files through Contact Form below
- Your Tax Assistant will prepare your accounts
- Claim your expenses
- File your tax return
- Ensure you never pay fines and claim what you are entitled
- UK 2022 Tax-Saving Tips for Small Entrepreneurs
- • Submit your tax return on time and avoid late submission penalties
- • E- File your tax return and useThe Tax Form Calculatorto estimate your tax liability and a possible refund
- • Keep business and personal finances separate. Open a business bank account and you can deduct bank charge as an expense.
- • Invest in modern software and track your business mileage.
- • Submit a healthy tax return by deducting your private health insurance from your tax bill if you are a director of a limited company, insuring your employees, sole trader with employees or contractor working through a limited company
- • Tidy up your files and paperwork
- • Allocate money for tax each month
- • Set-up a retirement plan. If as self-employed you make contributions to an occupational pension scheme, such as Nest, the government backs them up by making additional contributions to the value of 25p for every contributed pound For the higher tax ratepayers there is additional tax relief.
- • Make sure that you claim all tax-deductible expenses.
- Below is a list of what you can claim
|Working from Home Expenses|
|Mortgage interest or rent|
|Repairs and maintenance|
- If you are a limited company submitting your Corporation Tax you may have to adjust your trading profits, by adding the disallowable expenses.
- Limited company can not claim private expenses, apart from a very few exceptions.
- For the expenditure to be allowable to claim by a limited company, it must be:
- •Spent wholly and exclusively for the business while running it.
- •Have a revenue rather than capital nature. It means that minor improvements and changes leading to making an asset usable again are allowable, contrary to the introduction of new technologies, which is a disallowable expense.
- If you choose to innovate and update with new products, services, and technologies, you may be able to qualify for the Research and Development Tax Relief.
- R&D provides businesses with the benefit of 100% tax relief on Capital Investments and Research, leading to the advancement of the company’s field.
- It can even be claimed on the unsuccessful projects as long as they fall under the R&D criteria.