Tax return services
After you start trading, either as a partnership or sole trader, you will have to both register for your self assessment tax return with HMRC by the deadline. In addition, you will also have to file your tax return by the deadline every year or you may face fines and penalties.
If you prefer a private limited company, you will have to register for Corporation Tax within 3 months of starting your business. If you register late, you may get a penalty.
MW Accounting Services is a team of qualified accountants with years of experience in helping clients prepare and submit their self assessment and corporation tax return. Our tax return services are professional and friendly. They are also affordable and flexible.
Tax return registration
As part of our tax return services, we will help you with your tax return registration by the deadline.
If you decide to start as a sole trader, then you must register for your self assessment tax returns with HMRC by 5 October after the end of the tax year. So for the tax year ended 5 April 2021, you must register for your tax return by 5 October 2021.
You may, however, choose to be a business partnership instead. In which case, you must still also register for a tax return for the partnership as well as a tax return for each partner by the same deadline as with the sole trader.
Besides, a landlord who rents out their property may need to register and file their self assessment tax return too. There is, however, an exemption for landlords renting a room in their home for less than £7,500 per annum to a lodger. In this case, the landlord will not need to register nor file the tax return. There is no need to report this rental income either.
There are penalties both for not registering and for late registration.
Tax return submission
After registration, you need to file your tax return annually either on paper or online. The deadline for filing your tax returns is generally by:
- 31 October after the tax year if it is a paper return; or
- 31 January after the year end if you file it online
Additionally, a nominated partner of a partnership will also have to file a partnership tax return (in addition to his own self assessment tax return). Every partnership must have a nominated partner who will file the partnership tax return as well as his own tax return. While a nominated partner files both tax returns, all other partners (who are not a nominated one) will be responsible for registering and filing their own tax returns only.
With our experience and our reliable tax return services, you can rest assured that your tax return will be well prepared and meet the deadline.
Corporation tax returns
However, if you prefer to set up a limited company instead, a company director is responsible for filing the company tax return with HMRC, normally one year after the company year end. HMRC requires companies to attach their statutory accounts with the corporation tax returns submission.
Directors will also have to register and file their self assessment tax return if they receive other income such as dividends or property income (in addition to their salaries).
Failure to file a self assessment or corporation tax return by the deadline will result in an automatic fine of £100.
Our tax return services
If you start trading and require tax return services, the tax return services from MW Accounting Services for small business in Bracknell include:
- self assessment tax returns registration and submission
- partnership tax returns registration and submission
- each partner tax return submission
- corporation tax returns and submission
- tax returns advice
- tax savings advice