Most companies employ a dedicated bookkeeping system to ensure that the information required for tax assessment is easily available in the correct format, but for Sole Traders and Self-Employed Individuals this is often not appropriate or financially viable which can make the SA Tax return frustrating, complicated and time consuming. We can handle your tax return no matter what state your bookkeeping is in: we’re as comfortable with a double-entry ledger as we are with a box of old receipts. We’ll provide a flexible service to you that lets you give us the information we need in any way you like and takes away the hassle completely. You can email us, talk to us on the phone or in person; we’re even happy to collect paperwork from your office.
Directors of Small and Medium Sized Businesses have more to consider before they can complete their SA tax return since they must first calculate their trading profit and loss account and decide on appropriations. If you’re in this position you might be interested in our Annual Accounts Service since we can complete both this and your SA Tax submissions from the same information.
Whatever your situation, Tax-Planning is our speciality. If you think you might be able to save some money on your tax bill, or even hope that you can, you’re probably right: Most people in the UK who complete their tax return themselves are paying too much tax and could save money by employing a Tax Accountant to do it for them. When the time for submission of your tax return comes round we’ll arrange a meeting with you to discuss the expectations you have about your financial position and the amount of tax you’ll pay. It’s common that during this meeting we’ll find out that there are savings to be made. Over the course of our relationship with you we hope to be able to offer you an ongoing service which allows you to anticipate and plan for your tax bill in advance. Have a look at our budgets and forecasting section for more information about this.
Our fees for this service are fixed annually and remain the same no matter what state your books are in, so there won’t be any hidden surprises.
Everyone else, however, the directors of limited companies included, has to complete a self-assessment (SA) tax return.
SA Tax returns can be completed on paper or online. HMRC clearly prefers you to submit your tax returns online and offer a later deadline for this (31st January as compared to 31st October) as well as various other benefits like issuing a confirmation of receipt. Whichever method you choose, there are penalties for late submission in the form of fines.
Broadly speaking, your tax is calculated on the basis of the following information:
It’s important to have all this to hand when completing your return. You can enter information in the form of an estimate (a value you want HMRC to accept as the final value) or a provisional figure (for which further clarifying information will be provided) but this is discouraged because it requires a process of justification and can be the cause of a lengthy dialogue between yourself and the tax office, which is never a good thing.
If you run a business and pay yourself out of its profits, of if you’re a sole trader or self employed, before you can calculate your earnings and capital gains, it will be necessary for you to calculate the trading profit and loss of your company or your profit after expenses for the tax year in question. For a company, trading profit and loss forms part of your annual account submission to Companies House and is described in more detail here. If you’re self employed or a sole trader, the process is simpler, providing you have kept good records and know what you can legally claim as expenses. For most individuals and companies, employing the services of a certified Tax Accountant can result in significant reductions in payable tax.
Communications with HMRC & Companies House
Self Assessment Tax Return
CT600 (Company Tax Return)
Monthly Management Accounts
Accounting Systems Set-up
Business Startup – Company Formation
Benchmarking and KPI’s
Virtual / Part-Time Financial Director / CFO
Non-Executive Director (NXD/ NED)
Disaster Recovery Systems
Monthly / Quarterly / Annual Performance Meetings