Legally speaking, you are required to declare your income to HMRC through a tax return, whatever the legal structure of your business. The tax is then calculated on the amount of income you have declared.
It is always advisable to declare the correct amount of income and provide accurate and complete information to the accountants in order for them to stream line your records with HMRC, on your behalf.
Completing Tax Returns
Since the legislation regarding Tax is complex, we strongly recommend you seek our expert opinion, with regards to your Tax matters and any potential dispute resolution. Some of the benefits of us handling your Tax Return are as follows:
Complete Satisfaction: We take the burden of complexities off your shoulders and guarantee you accuracy in our calculations.
Investigation: The likelihood of you falling victim to tax investigation is minimised by your tax matters being sorted through an agent/advisor. This is because HMRC places reliance on the work of an expert, provided your accountants are Regulated by one of the main Accountancy bodies in UK.
Time: Our learning curve enables us to complete your tax return in far less time than it would take a layman. We therefore, wish to benefit you so that you spend that time in the effective planning of your business.
Claiming of Reliefs and Exemptions: Since Tax legislation is complex and you may be entitled to specific reliefs and exemptions, which could, in turn, only be claimed if the criteria for eligibility are met. We, therefore, help you in assessing as which relief or exemption are you entitled to, and how and when to claim it successfully.
How the things work?
Once we have prepared your accounts based on the bookkeeping done by you or ourselves, we venture to prepare your accounts. Thereafter, a senior member of our team analyses your financial information in order to provide you with recommendations to uplift your business.
We then, send you a draft copy of those accounts to approve them before we file them with HMRC and upon filing; we send you bound copies of those accounts for your records. Depending upon circumstances, we assist you with estimation of your Payment on Account, using a ‘what if’ analysis, so as to ensure that you are paying just the correct amount of tax lawfully, and therefore; suggest you the best way of payment.