Helpful tax accountancy for small business
Tax is a universal obligation for anyone earning money in the UK. If you’re employed, your tax payments are generally made through payroll, but if you’re self-employed or a small business owner, the responsibility for filing your tax return and paying your tax on time falls to you. As a tax return accountant near you we’ll help you file your tax returns in Bristol, Clevedon and North Somerset accurately and on time.
Understanding different UK tax returns
There are different ways you can go about informing HMRC about your income and taxes, depending on your business-type. If you are self-employed or earn rental income, you need to submit a Self-Assessment. You’ll need to submit a Partnership Tax Return if your company is run by two or more partners with shared control. All partners will also need to submit personal Self-Assessments. Organisations such as limited companies have to submit a Corporation Tax Return (CT600).
As registered HMRC Tax Agents, Pier View Accounting can submit tax returns on your behalf.
Submitting a Self-Assessment
Your personal Income Tax return – or Self-Assessment – is how you report your earnings to HMRC if your income isn’t taxed at source (for example if you’re self-employed, have a rental income, or dividends) so HMRC can figure out your final tax bill.
Our tax return services can help you with your Self-Assessment tax return by:
- Creating an accurate Income Tax return based on your latest accounts, and filing with HMRC on your behalf
- Accurately calculating your different income streams such as through self-employment, rental income, or dividends
- Highlighting all allowable expenses so you know what you can claim
- Identifying deadlines for submitting your return and paying your tax
- Setting you up with the most appropriate digital accounting software ahead of MTD for Income Tax if necessary
- Managing any additional communications with HMRC before, during and after your tax return is submitted
We can answer any questions that you might have about your Self-Assessment, or more general personal tax obligations. Whether it’s your first time submitting a Self-Assessment and you’re new to the process, or you just want someone to take the responsibility off your plate, want you to feel informed, and have peace of mind that your returns are being filed accurately and on time.
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Submitting a Partnership Tax Return
If your business is a partnership with shared control by two or more people you need to file a Partnership Tax Return. This reports the income, expenses and profit for the partnership as a whole. Each partner also needs to report their profit-share, as well as other income streams, on their own personal Self-Assessment return.
When you need tax accountancy near you for tax return, our team can help you with your partnership return and individual Self-Assessment tax returns by:
- Creating accurate Partnership Tax and Self-Assessment tax returns based on your business and personal accounts, and filing with HMRC on your behalf
- Accurately calculating the different income streams for the partnership, and for each individual partner
- Highlighting all allowable expenses so each partners knows what you can claim
- Identifying deadlines for submitting your returns and paying your tax
- Setting you up with the most appropriate digital accounting software ahead of MTD for Income Tax if necessary
- Managing any additional communications with HMRC before, during and after your tax return is submitted
Submitting a Limited Company tax return (CT600)
Limited companies are required to submit a Corporation Tax Return, known as the CT600. The CT600 reports income, costs, and profits to HMRC, and a limited company pays Corporation Tax on its profits.
Our team will guide you through filing your Corporation Tax Returns by:
- Confirming your return aligns with your company accounts, and accurately calculating your taxable profit
- Highlighting all allowable business expenses and potential reductions, so you can consider ways to legally reduce your company’s tax bill
- Creating a CT600 based on your income, cost and profits, and filing with HMRC on your behalf, by the deadline
- Managing any additional communications with HMRC before, during and after your tax return is submitted
FAQ's
Frequently Asked Questions
Yes, if you earn any kind of income outside of PAYE, such as self-employment or are a landlord, you need to file a Self-Assessment. You’ll also need to do this if you earn more than £100,000 per annum or have a source of income that is untaxed.
We can help you gather all of the information you need for a tax return. We’ll request records of income such as payslips, invoices, dividend payments, and any rental income if you’re a landlord. We will need bank statements too, and it can all be sent digitally.
Here at Pier View Accounting, we leave no stone unturned when it comes to helping you get the most out of your tax return. If items are used exclusively for business, including travel, computer equipment, travel to and from meetings, we can help you get that deducted.
If you are a limited company, then you’ll need to file annually with HMRC using a CT600. Even if your company didn’t make any profit, you’ll still need to submit a tax return, and we can help you with it every step of the way.
The amount of Corporation Tax owed needs to be paid 9 months after the end of the financial year, so it gives you time to get everything in order. If you don’t pay on time, interest accumulates on the amount and you could get penalties.
Partner with the experts to file your tax returns
Our experts work closely with you to ensure your Self-Assessment, Partnership, and Corporation Tax Returns are filed accurately, and you’re paying your tax on time. We will also discuss digital accounting solutions to make your bookkeeping and accounts easier to understand, and your tax returns easier to file moving forward.