All businesses must keep records of their income and expenses (bookkeeping of accounting records). For limited companies. the accounting records must be kept for at least 6 years. HMRC can fine businesses £3,000 or a company director may be disqualified if they do not keep their accounting records.

For self employed individuals and partner in a business partnership, they must keep records of their business income and expenses for 5 years. They will also need to keep records of their personal income. The nominated partner must keep records for their partnership.

There are penalties for late filing annual accounts. The company can also be fined or struck off if it does not file its annual accounts or confirmation statement.

With our expertise and extensive experience in helping clients with their bookkeeping and accounts, you can be confident to leave this hard and tiring job with us so that you can spend your time concentrating on growing your business. If you are looking for professional, reliable and friendly bookkeeping and/or accounts services, we are one of the best providers in Bracknell and we can help you manage your:

  • bookkeeping 
  • statutory accounts for limited companies
  • profit & loss account for partnerships & sole traders

Contact us today for a free initial consultation.


When you start your business in the UK you must register your business with HMRC and file your tax return annually.

A limited company director will register and file the corporation tax return while a sole trader files their self assessment tax return. Each partner submits their self assessment tax return and a nominated partner will also file the partnership tax return.

There are penalties for missing the registration and submission deadlines. Late filing the corporation tax and self assessment tax returns also attracts penalties.

Our team of accountants have years of experience and specialism to help clients manage their tax returns. The tax return services from MW Accounting Services include:

  • corporation tax return & submission
  • partnership registration
  • partnership tax return & submission
  • self assessment tax registration
  • self assessment tax return & submission
  • property income tax return & submission

We can also provide advice on the tax-efficient ways of withdrawing funds from your business.


Capital Gains Tax (CGT)

A business with a taxable turnover of more than £85,000 (current threshold) must register their business for VAT with HM Revenue and Customs (HMRC), file the VAT return and keep digital records. The VAT return is usually filed every quarter (called accounting period) but it can be submitted monthly or yearly. You may register your business for VAT voluntarily even though the taxable turnover is less than £85,000. This allows you to reclaim the input VAT paid for goods or services but you will have to prepare and file the VAT return, which is time-consuming. Businesses cannot charge VAT unless they are VAT- registered.

There may be penalty for late VAT registration. The penalty is a percentage of the VAT due but the minimum is £50 but can be dropped if there is reasonable excuse.

There are several VAT schemes that you can choose from, for example:

  1. Standard Scheme; a VAT payment is due if the output VAT (VAT charged on your sales of goods or services) is higher than the input VAT (VAT paid to suppliers for goods or services purchased for use in your business). You get a VAT repayment if the input VAT is higher
  2. Flat Rate Scheme; VAT paid is based on a fixed percentage which depends on the type of business, of gross sales. The input VAT cannot be reclaimed unless it is for capital assets over £2,000. To use this scheme, the taxable turnover, excluding VAT, must be £150,000 or less
  3. Annual accounting scheme; a VAT return is filed once a year but the VAT payment, which is based on the previous year return (estimate figure is used for first joiner), will be made in advance
  4. Cash accounting scheme; VAT on sales is paid when the payment is received from customer and the input VAT is reclaimed when the supplier is paid. To use this scheme, the taxable turnover must be £1.35million or less

MW Accounting Services is pleased to provide clients with our VAT services which include VAT registration, VAT returns and VAT schemes advice. We can provide this as part of a package or an add-on service, depending on your situation.

If you are selling/disposing of your capital assets such as property/properties, business asset(s) or shares (except shares in ISA) and make profit(s) from the sales, you will be subject to Capital Gains Tax. You pay tax on the total gains you make in the year, not the amount of money received, if the gain is over the tax-free allowance (called the Annual Exempt Amount and is £12,300 for 2020-21). Some assets, for example car or assets worth under £6,000, are exempt from CGT.

Disposing of includes:

  • selling the asset(s)
  • giving the asset(s) away (e.g a gift)
  • transferring the asset(s) to someone else
  • exchanging the asset(s) for something else
  • receiving compensation (e.g from insurance company)

Gift, sale or transfer of assets between spouses (husband & wife or civil partner) and/or to charity is exempt from CGT.

The CGT rate is 10% (18% if the asset sold is a residential property) if you are a basic rate income taxpayer or if Entrepreneurs' Relief is claimed. The rate will be 20% (28% for a residential property) if you are a higher or additional rate income taxpayer.

Talk to us today to see how we can help!

Additional services such as payroll or management accounts can be provided if required.

Why choose MW Accounting Services:

  • competitive fees
  • professional and friendly services
  • unlimited support
  • reliable & helpful
  • tailored services to suit business needs
  • prompt response
  • one of the best accountants in Bracknell