You will need to complete a tax return if
You are self-employed or a partner in a partnership.
You are a company director.
You have large amounts of savings or investment income.
You have untaxed savings or investment income.
You own land or property that is being let.
You or your spouse receives Child Benefit and you have income in excess of £50,000.
You have income from overseas.
You have sold or given an asset away (such as a rental property or shares).
You have an adjusted net income of over £100,000.
Our team of experts can complete your return, calculate your tax liability, file these with HMRC and check to see if any tax savings can be made.
This process helps minimise your risk of a HM Revenue & Customs enquiry into your tax affairs.
We can provide accurate, timely and cost-effective bookkeeping services tailored to you
We have our own in-house systems specifically designed to efficiently capture your data and provide accurate and reliable records for your business.
We can accept input in any form including software, Excel spreadsheets, cash books or incomplete records (a carrier bag of invoices and receipts)
We can provide you with a mobile phone app which enables you to take photos of your invoices and receipts for forwarding to us for processing – a safe, simple and paperless way to keep your books and records.
All businesses need to keep accurate records for both taxation and VAT purposes. Good bookkeeping also benefits the business by helping you properly and effectively manage and control your finances.
TaxSmart can help you meet your VAT responsibilities
If your business has a turnover above the VAT registration limit, with very few exceptions, you will need to register with HMRC for VAT, in some circumstances, particularly if you mainly work with other VAT registered businesses, it may be beneficial to voluntarily register for VAT even if your turnover is below the registration limit. TaxSmart can help you with this decision and explain all the pros and cons.
The TaxSmart team can help you with all aspects of the VAT process – from initial registration to completion of the quarterly VAT returns. We will ensure you are registered for the most appropriate VAT scheme and monitor this to make sure you keep on the most beneficial scheme.
We can prepare your VAT return; either from your own bookkeeping records or we can complete both the bookkeeping and the VAT return on your behalf, making sure you claim as much VAT expense as possible to minimise your VAT bill.
HMRC levy penalties and interest for late VAT registration, errors and late VAT returns. But with us taking care of your VAT affairs, you can have peace of mind knowing that the returns are being completed correctly and in a timely fashion.
Many businesses find the payroll process both daunting and confusing
we can help you with all aspects of Payroll registration and administration and demystify the whole thing
Meeting your obligations as an employer can be daunting especially with the introduction of Real Time Information (RTI) which is the monthly on-line payroll filing system.RTI means employers share payroll information with HM Revenue & Customs (HMRC) each month.
We can register the business for an Employers’ Scheme with HMRC and deal with all the relevant forms and submissions for you. Throughout the year, we will calculate your employees’ net pay, report the figures and information to HMRC and provide you with payslips. We can calculate the tax and National Insurance deductions applicable; even if your employees are on sick, paternity or maternity leave and file all the starters and leavers forms on your behalf.
Late filing, payments and underpayments of employers’ deductions can incur hefty penalties, we can help you avoid incurring these.
We can also prepare your annual (P11d) benefits and expenses forms and assist with calculating any Employer’s National Insurance that falls due. Benefits and expenses can be a very complicated area and knowing what to report can be difficult, but we can take care of this for you.
We can file all of your in-year and year-end returns for you with HMRC and provide you with P60s to distribute to your employees at the year end. The responsibilities faced by employers can be onerous, but we can guide you through the whole process and take care of everything for you.
Every limited company that is based in the UK is subject to corporation tax on their profits.
When you form your limited company, Companies House will inform HMRC of the new company and they will in turn register your company for Corporation Tax.
If your company is registered for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits (the first-year rules are a little more complicated and usually involves two Corporation Tax returns).
This information must be reported to HMRC on a corporation tax return form and accounts and tax computations must be submitted to HMRC in support of the return in a special format known as iXBRL, if not in this format, the return will be rejected.
There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company’s annual accounting date, are adhered to.
We can assist with all aspects of the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.
