Newquay Accountants Empowering Your Business
We can prepare and submit all types of tax returns, this includes self-assessment tax returns for individuals and sole traders, partnership tax returns, limited company tax returns as well as other returns, such as capital gains tax returns.
There are a range of different tax return services we offer for our clients in Cornwall:
Self-assessment tax returns for individuals and sole traders must file their tax returns by 31st January each year. We calculate the tax payable on your income for you and advise when payments are due, typically 31st January and 31st July each year. We also submit your tax return and liase with HMRC on your behalf. If you are a sole trader we can also prepare accounts to accompany your tax return.
Partnership tax returns are a separate return to your individual self-assessment return. It calculates the total taxable profit and the split between the partners, which we then submit to HMRC. This information is then included on your individual self-assessment tax return.
Limited company tax returns, also known as corporation tax returns, these are accompany your limited company accounts. Tax is payable on your company profits 9 months and 1 day after your company year end. We will prepare and file the returns alongside the company accounts and submit to HMRC.
Our team of accountants in Cornwall can also assist with other tax returns, including capital gains tax and foreign income. We also have a range of contacts who we work closely with when our clients need specialist tax advice.
Empowering Your Business
We are firm believers that if you can plan, you will get the best benefit, that’s why we always suggest (and include this service in our accountancy and tax service quotes) a tax planning meeting before the year-end. We will ask that you have up to date financials for that year so that we can look over them with you and work out a rough estimate of tax that you will have to pay and whether there are any tax savings anywhere. For Limited companies submitting a corporation tax return, this is where we would also look to issue dividends.
Once the year-end has passed, we like to get to work on your tax returns as soon as possible. If you have a payment on account to make in July and there is potential to reduce the amount to be paid, we would aim to have your return filed by that date, so you only have to pay the amount required. This also has benefits for anyone due a refund as it means you won't have to wait for months to get your refund from HMRC. If you have a larger than expected tax amount to be paid you can plan effectively to save for the amount of pay it off monthly over the remaining time available.