HM Revenue and Customs (HMRC) require businesses to maintain accurate records and submit Tax Returns within specific timescales. Failure to do this could be costly.
At SourceBookkeeping, we can help you with tax matters including, but not limited to:
Any business exceeding the threshold defined by HMRC must register for VAT.
VAT registered businesses are required to submit VAT Returns to HMRC on a quarterly basis.
VAT rules are complicated and lengthy. Why not let SourceBookkeeping help you? We can help with your initial VAT registration as well as the calculation and submission of your VAT Returns.
Self Assessment tax returns
There are many reasons why you might need to complete a Self Assessment tax return including, but not limited to:
In addition…..if you have sold an asset at a profit, this may be subject to Capital Gains Tax.
Capital Gains Tax
If you sell an asset and make a profit, you may need to pay Capital Gains Tax.
Capital Gains Tax does not apply to items such as personal cars or the house in which you live, but it is applicable to second homes, shares, business assets and more.
Capital Gains Tax rules can be complicated, if you are unsure and would like some help or advice, please contact us.
Partnership tax returns
Any business operating as a partnership needs to file a Partnership tax return with HMRC as well as the individual partner’s Self Assessment tax returns.
One partner is nominated as responsible for filing this return but all partners will be liable for penalties or interest if the return is filed late or is inaccurate.
At SourceBookkeeping we understand tax, let us help you. Please contact us to discuss your requirements.