Tax Returns

Tax Returns

SERVICE OVERVIEW

If you’re a director who needs to submit or a sole trader who needs some basic accounts prepared, I can manage and file this return for you.
Monthly PlanFrom £10/month

Self Assessment Tax Returns

What is a self assessment

Self assessment is literally just a tax return that needs to be done once a year, the year goes from the 6th April to the 5th April, and is due to be submitted and paid by the 31st January the following year. This can be done by yourself, or you can get an accountant to prepare and file the return on your behalf.

How do I know if I need to do one?

You basically need to do one if you are self-employed earning more than £1000 a year or you have other income that is not taxed. This applies to people who have dividend income, for example, someone who owns and runs a limited company would normally have a small salary and the rest of their pay would be in dividends. Generally in this instance you would need to submit a self-assessment tax return.

Other instances where you might need to submit a tax return:
If you have an investment portfolio

If you are not sure whether you need to submit a tax return, please feel free to give us a call on 01295 793206 and we’ll be happy to listen to your situation and advise you on what you can do next.

What do I need to be careful of?​

After your first year of self employment (or having a significant portion of your income not taxed at source) the tax bill can very easily catch you out. The following situation is a very common one:
Tax bill on the self employment: £3000 – due 31st Jan
First payment on account for the following tax year: £1,500 – also due 31st Jan
Second payment on account for the following tax year: £1,500 – due 31st July

Total due 31st January: £4,500
Total due 31 July: £1,500

So even though the tax due on the income received in the tax year was £3,000, the tax payable was £6,000. This is because the tax is due for the next year in advance. If you are thinking of starting your own business, please don’t put it off because of this! This can be managed by being careful, budgeting and most of all, getting your tax return done early!

If you find out you’ve got a big tax bill to pay in January by the end of the month, it’s going to be pretty stressful if you don’t have the cash there. However, if you find out in April you’ve got a big tax bill to pay by the 31st January the following year, it’s going to be a whole lot less stressful because you’ve got nearly 10 months to budget and get the money together. That sounds a whole lot more chilled to us!

Do I need an accountant to do it for me?

No.

You actually don’t need an accountant to do it for you, and honestly, if you are detail-oriented, have pretty simple tax affairs and the time to do it you will be more than able to do your own tax return.

Will it be right? You’ll probably never know. Will it be stressful? Almost certainly.

While some people do opt to do their own tax return, they never quite achieve the same peace of mind as having a good accountant do it for them.

What we offer

Honestly, we offer certainty. Certainty that your return will be done to the highest possible standard, we are a regulated practice by the Association of Accounting Technicians (AAT). Certainty that, while you may get a bit annoyed about the information we are asking from you, it is being asked to try and help you pay the right amount of tax and no more. Certainty that your return will be filed on time if you get the information to us on time.

The process

The year ends and you get an email from us saying something along the lines of “Hey! Not sure if you knew, the tax year has just ended, and that means it’s time to do your favourite job of the year, getting all your tax information to us! Calm down, I know you’re excited and looking forward to rushing round the house trying to find random slips of paper and invoices you have lost. Seriously though, attached is a list of what we need from you, please can you get this to us before X date”

You then get put into a great mood, and gladly skip around the house and lovingly scroll through your emails finding this information for us, then send it over feeling sad that you’ve got to wait a whole year to do it all again.

Then within 4 weeks (target internally is 2 weeks) we do some wizardry with the figures and get your tax return back to you after asking for any more info we need. Once we have all your information we will get your final return out to you, within 2 weeks (internal target is 1 week).

You then sign off the return electronically (we don’t do paper here) and we send it to HMRC also electronically (high tech ya see).

Prices for this start at £15 per month

Limited Company Accounts and Corporation Tax Returns

This is the annual chore of too many businesses. Yes it is a job that needs to be done The process

Payroll & Auto Enrolment

We understand that managing your payroll can be a complete pain! Not to mention, fraught with technical details and needless jargon. We can deal with this so you get an easy list of people to pay and if needs be, the amount and how to pay HMRC.

Company Secretarial

There are strict deadlines on companies to submit different documents during the year. Our company secretarial services include:
– Company formations
– Confirmation statements
– Dividend vouchers

Management accounts

Getting up to date, regular information on how the figures are looking is vital to the success of your business. We can provide you with monthly or quarterly figures to make sure you are fully aware of the financial health of the business to make sure you have all the best information to make the right decisions.