Tax return services

After you start trading, either as a partnership or sole trader, you will have to register, with HMRC:

your self assessment tax return if you are a sole trader, self-employed or a partner in a business partnership; or
your partnership and your self assessment tax returns respectively if you are a nominated partner

If you do not register your tax return or register it late, HMRC will charge you a penalty. In addition, you will also have to file your tax return by the deadline (the deadline for a paper return and an online tax return is different) every year or you may face fines and penalties.

But if you prefer to start a private limited company, you will have to register your company for Corporation Tax within 3 months of starting your business. If you late register your corporation tax, you may get a penalty.

MW Accounting Services is a team of qualified accountants with years of experience in helping clients register for their tax return. We also help prepare and file their self assessment and corporation tax returns by the deadline. Our tax return services are very reliable and friendly. The services are also affordable and flexible.

Tax return registration

As part of our tax return services, we will help you with your tax return registration.

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 if you start trading between 6 April 2021 and 5 April 2022, you must register for your tax return by 5 October 2022.

You may, however, choose to start as a business partnership instead. In this case, if you are a nominated partner, then you must register both your business partnership tax return and also your self assessment tax return by the same deadline as with the sole trader. Each partner in the partnership will be responsible for registering their own self assessment tax return.

Besides, a landlord who rents out a property may need to register and file their self assessment tax return too. However, with the rent a room scheme, landlords can rent out a furnished room in their own home to a lodger free of tax if the rent received is not more than £7,500 per year (current threshold). And they can rent out as much of their home as they wish. In this case, the landlord will not need to register nor file a tax return. There is no need for them to report this rental income either.

If the rent they receive is over £7,500 per annum, then the landlord must register and complete a tax return. However, they can opt into the rent a room scheme and claim the £7,500 tax-free allowance on the tax return. Further, a landlord whose rental income from their room is less than £7,500 can choose not to be in the scheme and file a tax return by including their property income and expenses on the property pages of their tax return instead.

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

A sole trader, self-employed individual and a partner in a business partnership will only submit their self assessment tax return. But 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 general, unlimited partnership must have a nominated partner whereas a limited liability partnership must have two designated members.

While a nominated partner files both tax returns, all other partners (who are not a nominated one) will only be responsible for registering and filing their own tax returns.

With our experience and our reliable tax return services, you can rest assured that your tax return will be well prepared and completed by or well before the deadline.

Corporation tax returns

If you prefer to set up a limited company instead, then a company director is responsible for filing a company tax return with HMRC, normally one year after the company year end. HMRC also requires limited companies to attach their statutory accounts with their corporation tax returns submission.

Directors who have no other income apart from income from their employment only need not have to register and complete a tax return. But they will 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 employment income).

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, accountants for small business in Bracknell, include:

self assessment tax return registration and submission
partnership tax return registration and submission
each partner tax return registration and submission
corporation tax returns and submission
tax returns advice
tax savings advice