What Tax Returns Do I Need To Submit?
It depends on your type of business activities.
If you are a Sole Trader, who has not registered their business with Companies House, but still carrying on some trading activities, you will need to do your self-assessment tax return each year by the end of October or end of January in order to be able to pay your income tax and National Insurance for self-employed individuals.
If you have registered with Companies House and formed a limited company, then you need to pay corporate tax. This is usually due nine months after your accounting year end.
If you are VAT registered, there are also VAT returns due, usually quarterly. A PAYE return is required if you have employees and pay them on payroll (not subcontractors). If you are a contractor in the construction industry and using some subcontractors, you’ll need to submit your CIS return.
But don’t worry, we offer a free 30-min consultation to assess your individual situation and we will provide suitable advice for you.
Why Do I Need To Submit Tax Returns?
If you are employed by a company and being paid a salary, it is most likely that your income tax is already deducted and you do not need to submit a tax return. However, if you are also running some other business(es) alongside your employment, for example renting or selling properties, then you will need to submit a tax return. It is each individual or business owner / Directors’ responsibility that each year the tax returns are filed and paid correctly and on time.
Tax returns can be daunting for any business owner. If you are not a trained Accountant, it is very easy to get things wrong or not be able to complete the return in time. We are trained and experienced in helping businesses to file their year-end tax return, as well as VAT return, PAYE return or CIS return. If you use our general bookkeeping service, it is most likely that your tax return is already in place and just one click away from submitting.
We offer affordable, UK-based bookkeeping services. Our team of certified professionals will work with you to ensure that your books are kept up-to-date and compliant.
We endeavour to provide you with a service that means you don’t have to worry about all the day-to-day recording of financial information within the business as it relates to the regulations.
WE Provide insights into financial performance, help stakeholders make informed decisions about the future of the business, the financial dashboard of your business.
