Service 05
Self Assessment & Taxation
Every business & private individual has to submit a tax return to declare profits and income to HMRC and declare any due tax.
What we do for you
Every business & private individual has to submit a tax return to declare profits and income to HMRC and declare any due tax. Failure to submit returns on time could result in interest and penalties. At Sandwell Accountancy Services, we ensure everything is done quickly and effectively to meet all deadlines and ensure your annual tax returns are lodged on time. We are based in the Black Country and service businesses and individuals across the West Midlands.
What's included
How it works
- 01 A first conversation, free of charge We talk through what sort of business you have and how income tax works for you. You leave knowing what we would do and what it would cost.
- 02 Getting set up You authorise us to deal with HMRC on your behalf. We agree what we need from you and when, and we work from your records so nothing has to be typed twice.
- 03 Every year We prepare your income tax return annually.
- 04 Filing and payment Once you have approved the return we file it digitally at HMRC, tell you what is due and when, and remind you before the deadline rather than after it.
- 05 The rest of the year HMRC queries, checks and changes to the rules come to us first. If something affects you, we tell you what it means in plain English.
More about this service
What is Annual Tax Return?
Running your own business can be challenging, but rewarding. An estimated 4.3 million people in the UK are self-employed in some form or another. When you are employed by a company, your tax obligations are done for you. When you are self-employed, the burden falls on you in the form of annual tax returns. The tax return is to be filed every year by you and submitted by a certain deadline. The tax returns are essentially your revenue, minus your expenses and costs. If your personal income is above £12,5701 after those deductions, then you have to pay tax. If you are a director of a company, then there are different criteria, including dividends.
When does your annual revenue tax return need to be submitted by?
You are required to submit personal self-employed tax returns by January 31st if they are done electronically. This is different for company filings, as they are required within 9 months of your company’s end of year. There are certain rules and regulations to how and when you file your tax returns, which is why most small to medium business’s opt to use a business tax accountant. A business tax accountant knows all the legal procedures to make sure you remain compliant and pay less in tax.
What Business Types are there for submitting to HMRC for my annual tax return?
Self-assessment tax return
One of the Business Types refers to you trading as yourself, known as a sole trader, which would need you to file a self-assessment each year. The self-assessment is also used for people who earn above the £1,0001 trading allowance, which is additional income outside your employment. The self-assessment relies on you submitting accurate figures and you could be subject to an audit in future to make sure the filings were correct. A personal tax accountant is the best way to keep your books compliant and remove any irregularities.
PAYE & business tax return
Limited companies are required to set up a PAYE account with HMRC, if they have employees. PAYE stands for Pay as you Earn and is the most common form of paying taxes in the UK. Employers are responsible for their employee’s tax calculations. On top of this, there is also corporation tax which is currently 19% of the company’s profits. This is after salaries and deductions. You really want to make sure you aren’t paying more than you need to, your business tax accountant will look at all the ways to bring down your tax obligations, legally. If you require additional Tax Advice click here.
Why do you need an accountant for your annual tax return?
Lower tax burden
The aim of being self-employed is to keep more of your profits. Adjusted annual income on a tax return from a tax accountant will offset any deductions possible against your profits, lowering the amount of profit you made in a tax year, lowering your tax burden.
Tax Accountants are an expense
Using an accountant is also classed as a business expense, most, if not all the costs from hiring an external accounting company can be used against profits. A good tax accountant will look to save you more money in deductions than the cost of the accountancy services.
Expert, Accurate Advice
It is our goal to provide good tax advice and tax planning for businesses and entrepreneurs. We know that starting a business can present many challenging situations, and taxation is one of them. As your turnover increases, so do your tax burdens. Let us identify potential savings for you and keep your taxes on track.
Why choose Sandwell Accountancy Services as your tax return accountant?
Are you looking for a tax accountant near you? Based in Sandwell, we are in the heart of the West Midlands. Taking our family run mentality and applying it to all our clients, we treat your business as our own. Call us today on 01384 569 197 to start saving on your taxes!
If you would like assistance with taxation, please give us a call today to set up an appointment.
Get in touch on 01384 569197.