We work with a number of businesses, ranging from self-employed contractors to large macro organisations to provide support and administer annual Self Assessments. If you’re a LTD or LLP business, you’ll know that you are required by law to prepare annual Financial Statements (accounts). However, this doesn’t mean that sole traders and partnerships have it easy.
HMRC and more importantly, banks, like all businesses to prepare year end accounts.
Preparation of year end accounts is a time consuming and often daunting task. Businesses, whether big or small, struggle to get their accounts to Companies House and HMRC in time for their deadline, this incurs unwanted penalties.
Self-assessment is used to collect tax from the self-employed, paying income tax on their profits.
It is also used if you’re a business partner or a director of a limited company.
We can help you to take the strain off your business, allowing you to carry on with the everyday running and managing of your company.
If you are an employee but also self-employed (running a business part-time, for instance) you might also be required to make a self-assessment tax return. As part of the assessment, you will be expected to show details of your employment, earnings and tax deducted via PAYE.
You could face a penalty if you file your tax return late without a valid excuse. You are also advised to declare your earnings and submit a tax return. Please be advised that HMRC will not contact you directly to request your self assessment.
The responsibility is placed on you to declare earnings and submit a tax return.
We can help you to ensure that you meet your deadlines, and that your accounts accurately reflect your business.
Not only that, we can pinpoint where improvements and savings exist for the future growth of your business.