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Compliance

SELF ASSESSMENT TAX RETURNS (SATR)

If you have income which is not taxed at source, you are likely to need to submit your SATR to HMRC each year. There are various circumstances that will require you to register for self-assessment including: self-employment, being a company director, having any of the following: savings and investment income, property income, overseas income, or having capital gains tax to pay. We can advise on whether you should be registered for self-assessment and if so, complete the registration process for you.

Our self-assessment tax return service includes:

  • Preparation of sole trader accounts
  • Preparation of property accounts
  • Preparation and submission of self-assessment tax returns to HMRC
  • Preparation of tax computation and explanation of all tax amounts due
  • Advice on allowable expenses and minimising your tax liability
  • All correspondence with HMRC on your behalf

Sole Traders

As a sole trader you will be required to register as self-employed with HMRC and file a SATR every year. In order to complete your SATR accurately, you will have to keep a record of all of your income and expenditure during the year. Depending on your business, you may also have other obligations as a sole trader such as registering as an employer or registering for VAT.

If you are a sole trader or are planning on becoming self-employed, we can advise you on all aspects and ensure that you meet all of your obligations with HMRC.

We offer the following services for sole traders:

  • Registration as self-employed with HMRC
  • VAT registration and return filing
  • Preparation and submission of annual SATR
  • Tax and accounting advice
  • All correspondence with HMRC on your behalf

Partnerships

A partnership is similar to a sole trader business but involves two or more people owning and running the business. To set up a partnership you will have to choose a name, a nominated partner and register with HMRC as a partnership. Each partner will also have to register for self-assessment with HMRC and the partnership may also have to register for VAT or as an employer.

The nominated partner will have to complete and submit a partnership tax return to HMRC each year and each partner will have to submit a SATR with their share of the profit and losses from the partnership as well as any other income.

We offer to following services for partnerships:

  • Advice on setting up a partnership
  • Registration of the partnership and partners with HMRC
  • VAT registration and return filing
  • Preparation and submission of partnership and SATR
  • Tax and accounting advice

Limited Companies

A private limited company is a separate legal entity set up to run your business. The company must be incorporated at Companies House and file corporation tax returns.

After you have set up your private limited company, there are many responsibilities that come with being a company director and running a limited company. These include preparing statutory accounts, filing corporation tax and annual returns, VAT, employing staff and director's tax returns.

 We offer the following services for limited companies:

  • Advice on trading as a limited company
  • Limited company formation
  • Provision of registered office address or director's address if required
  • Registration as an employer
  • VAT registration and return filing
  • Annual preparation and filing of Corporation Tax Return with HMRC
  • Annual Companies House compliance filing
  • Director's SATR
  • Dividend and tax planning advice
  • All correspondence with HMRC and Companies House on behalf of your company
  • Tax planning advice

Please get in touch if you would like more information or to arrange a call back.

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