For your business, limited company accountants can be like angels. They can advise you on cost-cutting strategies and provide services that can support the expansion of your company. In addition to assisting you in completing your income tax returns, accounting professionals ensure that you receive your refund. They assist you in obtaining the money you are entitle to.
If your company is just starting or is about to grow and you don’t have time to look at financial records. After that, you can get assistance with the upkeep of your financial records by hiring an limited company accountants in UK. In addition, they offer guidance regarding growth.
They can point you in the right direction to save money or cut costs. To determine the area of growth, accountants look at your inventory management, cash flow statement, and other financial records.
Limited company accountants also help people file their tax returns. Regardless of whether you are the oldest or most senior member of the family and are currently concerned about filing your taxes, The only thing left for you to do in this scenario is to hire a tax professional. Even if you run a small farm or work from home, you can still hire an accountant in Bradenton.
What amenities will tax professionals provide for you?
Preparing individual tax returns: For some people, figuring out their income and paying taxes on it can be difficult. As a result, the CPA can help you with this with comprehensive planning services.
Preparation of corporate and business income taxes: whether it is a trust, partnership, sole proprietorship, or small business. To avoid future tax issues and legal action, you must file your income tax return.
You can get help from a certified limited company accountant to file the correct amount of tax you need to pay. They look at all of your financial documents and give you the right amount, no more or less. A Bradenton accountant can assist you in avoiding any future tax issues for your business.
Legal requirements for a new business: If your company is just getting start, you need to complete some legal paperwork. When starting a business, a professional can help you with all of the financial steps that need to be taken. Experts can assist you in selecting the appropriate business structure and will comply with applicable regulatory requirements. They can shield you from future legal problems.
Buying or selling a business: When trying to sell your business, you might run into a lot of problems. Your balance sheet and other financial records must be compare. You must be aware of all tax regulations and the advantages and disadvantages of each method of sale and purchase, regardless of whether you are purchasing or selling the business.
There are many ways to sell a business, and only an expert can tell you which one is best. The kind of business you want to buy and your financial situation both influence the sources from which you can do so.
Professionals can also tell you how stable the company you want to buy is financial. Starting with a solid foundation is the best option.
Employing an accountant can assist you in making the right choice and reducing your tax burden.
Accounting and auditing: Your limited company accountants can also help you manage your financial records books. They conduct timely audits to determine their tax obligations. They determine whether or not you have paid the debt. Self Assessment /tax Returns – What You Need to Know
Income tax is a tax you pay on your income, and self-assessment is the system HM Revenue and Customs (HMRC) uses to collect that tax. Income tax is usually taken from wages, pensions, and savings. And for most people, it is deducted from their wages each month.
However some people – for example, self-employed people or if those have a very high income – may have more limited company accountants income arrangements and will therefore need to pay their income tax and national insurance contributions through self-assessment.
Do I need to file a tax return?
There are several scenarios that would require you to submit – or file – a tax return.
These include:
if you were self-employed
if you earned 2,500 or more in untaxed income, for example from collecting renting on a property or from savings and investments
So, if you were a company director
your income was over 100,000
if you lived abroad but earned money in the UK
if yours or your partner’s income was over 50,000 and one of you claimed Child Benefit
if you made a profit from selling a second home, shares, or other assets and you then need to pay Capital Gains Tax.
See the full list of criteria here.
When do I submit one?
The tax year begins on 6 April and ends on 5 April the following year.
If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.
If you’re sending a paper form the deadline is 31 October. If you plan to submit it online, the deadline for submission is 31 January. However, if it is the first time you are planning on sending it online, you will need to register first and it is advised that you allow 20 days for this.
Refer to the HMRC website for all the submission deadlines and registration requirements.
How do I submit one?
Throughout the year you will need to keep a record of any documents and paperwork that show how much you’ve earn and how much you may have spent on items related to your work if any. So make sure you have a safe place for storing your bank statements, receipts, building society pocketbooks, and pension contribution certificate – any documents that show how much you have earned.
You should also keep a record of the receipts every time you make a charitable donation as this could offset your tax and help reduce your bill.
This will ensure your tax return is as accurate as possible which is important or you could face penalties.
When the time comes you can then log in to the HMRC website and file a tax return online.
What if I don’t understand the form and can’t do it?
If the whole process of keeping financial records and filling in forms and sending them to HMRC sounds intimidating then don’t worry.
There are plenty of people who can help you.
HMRC provides notes to help you fill out your self-assessment tax return which is accesse from its website.
Or if you’d like some actual human help then ask a family member, friend, or colleague that’s done one before to help you.
If you want professional help then it would be best to look for a limited company accountant.
An accountant will be able to explain everything to you and file the forms for you. They will ensure everything is check, with the most accurate information possible, and submitted in plenty of time.
They will also be able to deal with any inquiries from HMRC, check you’re paying the right amount of tax, and can suggest ways to bring down your tax bill, for example by offsetting various costs.
UK Tax Solutions is a reputable accountancy firm in London and the UK. We take care of self-assessment tax returns for corporate and individual clients and manage any inquiries from HMRC should they arise. We can also identify improvements and controls to accounting systems and provide the support needed to achieve these changes. Our complete range of tax and payroll services allows you to take full advantage of tax opportunities and reliefs. Contact us today to see how we can help you.
