The annual income tax return is due to evolve soon into a quarterly reporting exercise for many, via HMRC’s ‘Making Tax Digital’ plans. For now though we just have the one return to complete by 31 January each year. Whether you are a sole trader, a partner in a business, a company director, a private landlord, or you have other sources of untaxed income, we will complete your returns, advise on tax savings and make any appropriate claims via your return, remind you when payments are due and provide advice when you need it.
Companies have to complete tax returns every year as well, and these are electronically submitted to HMRC along with the business accounts. This work is done in conjunction with your company’s annual accounts. When we are working on the accounts we will look at all the available claims, most obviously for the purchase of new equipment and vehicles, but also claims related to property acquisitions and construction and research and development costs. Generally we will maximize these claims for you but if there are any knock-on effects for the future, or any other major issue, we’ll discuss this with you at the time.