Newquay Accountants Empowering Your Business
We can prepare and submit all types of tax returns, for Limited companies, we file a corporation tax return and for partnerships and sole traders; self-assessment tax returns and not to forget VAT returns.
Once your annual accounts have been prepared by Linggard & Thomas, we will calculate the tax due using all of the information that we have been provided.
Limited Companies are required to pay corporation tax nine months and one day after the year-end, and you have 12 months to file the return.
Self-assessment must declare your income annually by the 31st January and have to pay the balance due by the 31st January. Once your tax due is over £3,000 per year, you will have to start making payments on account in advance for the following tax year on the 31st January and 31st July.
Bookkeeping & VAT Returns
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, 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.