Regardless of whether you run your business as a sole trader or a director of a limited company, you will have to complete an annual tax return to pay what you owe to HMRC. There is no question about ‘if’ you do yours, but when – unless you are comfortable with a hefty financial penalty for a late filing.
Tax returns can cost you a lot of your time, however, which, as a business owner, you sometimes just do not have. Leave your return too late, and you run the risk of making mistakes. If that happens, you might end up paying more in tax than you could have without expert guidance.
As accountants who assist with tax returns, we can help complete yours so you can focus on the areas of your business that need your attention, and get back to what you love doing. We have helped countless businesses with theirs, and are ready to help you, too.
Sole traders have to complete an annual self-assessment tax return, in which they report their business income and expenses, so HMRC can tax the right amount via income tax. Limited companies, on the other hand, have to complete a corporation tax return. Regardless of how you run your business, we have you covered.
Your tax return is also your opportunity to make sure you only pay the tax you need to. We will ensure this happens when we do your return by including all your allowable expenses – business costs that are deducted from your taxable profit – on your return to reduce your tax liability.
Get in touch with us if you need assistance with your tax return.
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