SK Accountancy regards Tax Return Services in its new launch services basket
It has been reviewed that HMRC is planning a big overhaul of the tax return when it introduces the first phase of its “making tax digital” initiative in April 2018. Presently Taxpayers should report less data, as information from banks and building social orders will be pre-populated in their records.
- (1888PressRelease) June 14, 2019 - Firms or Tax Return Accountants in the Tax Consultants industry prepare personal and business income tax returns, offer tax advisory services and non-legal representation before tax authorities. The industry is expected to grow over the five years through 2018-19, with revenue projected to expand at a compound annual rate of 3% to reach £4.4 billion. This growth was predominantly the result of favourable economic conditions during the first half of the period. During this time, business capital expenditure, merger, and acquisition activity, and the number of businesses operating in the United Kingdom were on the rise.
SK Accountancy & Tax Consultants Ltd has encompassed the tax return services component in a pervasive phenomenon and proceedings. It has meticulously categorized and rationalized the tax return services solution to various representatives as explained further:
Self-Employed:
CIS Tax Returns:
• CIS tax assessment is a convoluted process and requires handling by experts, in order to ensure that you are not burdened with exceptionally heavy taxation. We, at SK Accountancy, offer countless taxation related services of which, CIS taxation constitutes one of the important elements. Our highly knowledgeable troupe of taxation experts will handle all occurrences with ease and comfort.
• We efficiently maintain your records updated with the latest regulations for your sector and do revision for your interest. We also focus on the strategies on how you will save money by minimizing your tax liabilities by developing a custom-made tax plan.
• Once we create the tax planning process, we guide our clients step by step in getting the highest possible taxation discounts, easing the financial burden of their business. We also concentrate increase on smooth functioning in rebates to ensure that our client gets available rebates effectively.
• If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, we will help you to get the refund from HM Revenue & Customs.
Limited Company:
Tax Returns:
• Mandatory to file the Company’s Annual Return to Companies House every year.
• File a concise set of accounts to the company’s house every year.
• Pay any Corporation Tax within 9 months and one day after the year-end date.
• Mandatory to file a full set of Accounts to HMRC every year.
• Mandatory to file Company Corporation tax return to HMRC- CT600.
• Register on a voluntary basis your Business for VAT if turnover is above the VAT threshold.
• If you are VAT registered, file VAT returns usually quarterly.
• In case you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
• In terms of PAYE Scheme, file monthly payroll under real-time information.
• If you taking salary or dividends from the company file Self-assessment tax return every year – Being a director of the company.
• Filing P11D depends on individual circumstances
Contractors
Tax Returns:
• CIS tax assessment is a convoluted process and requires handling by experts, in order to ensure that you are not burdened with exceptionally heavy taxation. We, at SK Accountancy, offer countless taxation related services of which, CIS taxation constitutes one of the important elements. Our highly knowledgeable troupe of taxation experts will handle all occurrences with ease and comfort.
• We efficiently maintain your records updated with the latest regulations for your sector and do revision for your interest. We also focus on the strategies on how you will save money by minimizing your tax liabilities by developing a custom-made tax plan.
• Once we create the tax planning process, we guide our clients step by step in getting the highest possible taxation discounts, easing the financial burden of their business. We also concentrate increase on smooth functioning in rebates to ensure that our client gets available rebates effectively.
• If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, we will help you to get the refund from HM Revenue & Customs.
Landlord:
Tax Return Services:
• Reckon your taxable position.
• Assemble your annual rental accounts for the residential let, FHLs or commercial properties.
• Counsel on claiming all the legal expenses to increase tax savings.
• Outright your tax return using HMRC approved the software.
• Deal with all the compatibility and answer your taxation uncertainties.
• Provide you the proper direction on the tax liability to be payable to HMRC and when they are due.
Non-Resident Landlords:
Tax Return Services:
• We help you in obtaining approval from HM Revenue & Customs under the Non-Resident Landlords Scheme. Once approval has been acquired, the non-UK resident landlord has to submit an annual tax return form to HM Revenue & Customs made up to the 5th April of each year.
• You are free to pay tax on your rental income through Self-Assessment. You just need to fill in form NRL1i and send it back to HMRC. If you get the approval, HMRC will inform your letting agent or tenant not to deduct tax from your rent. After that, you need to declare your income in your Self-Assessment tax return. If you fail to update your taxes, HMRC will not approve your application.
• Your letting agent or tenant will deduct basic rate tax from your rent and provide you a certificate at the end of the tax year saying how much tax they’ve deducted.
• If you don’t have a letting agent and your occupant pays you more than £100 a week in rent, they’ll deduct the tax from their rent payments to you.
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