Tax Return Accountants Gravesend
Get a reliable accountant from Gravesend to do you or your companies tax return today.
What is a tax return and do I need to do one?
A tax return is a document that individuals and businesses in the UK use to report their income, gains, and other financial details to (HMRC). It is an essential part of the UK’s taxation system, designed to ensure that individuals and businesses are paying the correct amount of tax based on their financial activities.
Do I Need to Do a Tax Return?
Not everyone is required to submit a tax return, but it’s crucial to know whether you fall into this category. You may need to complete a tax return if:
Self-Employed or a Sole Trader: If you work for yourself, operate a business, or are a sole trader, you are generally required to file a tax return.
High-Income Earners: Individuals with income above a certain threshold may need to complete a tax return. This can include income from multiple sources such as employment, investments, or rental income.
Property Owners: If you own property and receive rental income, you may need to report this on a tax return.
Investors and Savings: Those with substantial income from investments or savings may be required to submit a tax return.
Directors of Companies: Company directors, whether of their own company or another, typically need to file a tax return.
Claiming Expenses or Tax Reliefs: If you want to claim certain expenses or tax reliefs, you may need to do so through a tax return.
It’s important to note that even if you are not obligated to file a tax return, doing so can be advantageous. It allows you to report any overpaid taxes, claim applicable reliefs, and ensures that you are fulfilling your tax obligations accurately.
Self-Employed or Sole Trader Tax Returns in Gravesend
If you’re self-employed or operate as a sole trader in the UK, filing a tax return is a fundamental aspect of managing your finances. Here’s what you need to know:
Key Dates to Remember – The tax year in the UK runs from April 6th to April 5th, and the deadline for filing your tax return is usually January 31st of the following year. Missing this deadline may result in penalties, so it’s crucial to plan ahead.
Record-Keeping Maintaining accurate records of your income and expenses is essential. This includes invoices, receipts, and any relevant financial documentation. Good record-keeping not only ensures compliance but also makes the tax return process smoother and helps you claim all eligible deductions.
Expenses – One of the advantages of being self-employed is the ability to deduct allowable business expenses from your income, reducing your taxable profit. Common allowable expenses include office supplies, travel costs, and a portion of your home expenses if you work from home.
Remember you also need to consider National Insurance Contributions (NICs)
Getting a professional accountant to do your tax return in Gravesend
Simplify tax season in Gravesend by hiring a local professional accountant. With intimate knowledge of the area’s tax regulations, they offer tailored assistance, saving you time and stress. Beyond basic tax preparation, their expertise maximizes deductions, ensures compliance, and provides personalized guidance for optimizing your financial position. Trust a professional accountant in Gravesend to streamline your tax affairs and offer peace of mind.
Year-end Accounts
We prepare Year-End Accounts for Limited Companies, Sole Traders, Partnerships and LLP’s to the relevant reporting standard.
On receiving the records, we aim for a two-week turnaround to producing the draft accounts and inviting you in to discuss the business’ performance. We consistently achieve this target which ordinarily provides clients with plenty of notice of their tax liabilities and the payments becoming due.
VAT Returns & Bookkeeping
We offer a range of services in connection with VAT Returns and Bookkeeping from undertaking your bookkeeping from the source documents / manual records, to filing the Return on your behalf under the new Making Tax Digital (MTD) regime. Our involvement is completely flexible depending on your requirements.
Tax Advice
We can provide tax advice on a range of areas including:
- Income Tax and National Insurance
- Corporation Tax
- Inheritance Tax
- Residential Property Letting and Landlords
- Property Development
- VAT
- Capital Gains Tax
