Tax & VAT Returns
Completing Tax and VAT returns is a legal requirement in the UK. Failure to comply with this requirement could result in fines, penalties or even legal action. Don’t risk missing the deadline for filing your tax or VAT returns, contact Makinson & Co, your local tax advisors today.
We can ensure that your tax returns are calculated correctly, claiming all the available allowances and concessions, as well as completing the necessary paperwork, and submitting this with the relevant authorities.
Another weight off your mind
The last thing you need in your busy business day is to have to deal with questions from the tax authorities. With us looking after your tax affairs, you can rest assured that you’re in good shape and can answer any questions with confidence.
All of this means that you have more time to concentrate on running the business, generating revenue, and making profits.
Makinson & Co can help with filing personal tax returns.
Call us on 01594 842 188.
Our services are available across Lydney.
Do I need to submit a Personal Tax Return?
Understanding whether or not you need to complete a self-assessment tax return is the first important step to ensuring you meet all your legal requirements for HMRC. You must submit a self-assessment tax return is any of the following apply to you:
• You are a Company Director
• You are a Sole Trader (Self-Employed)
• You or your partner receive or have income above £50,000 and receive Child Benefit
• You receive foreign income that is liable to UK Tax
• You are a recipient of investment income over £10,000
• Your annual income exceeds £100,000
• You are in receipt of rental income
• You have to pay Capital Gains Tax
It’s important to remember that just because you are legally obligated to complete a tax return, this doesn’t mean you necessarily have tax to pay. Failure to comply or missed deadlines can result in penalties and fines.
To better understand if you need to complete a personal tax return, and how you can ensure this is completed correctly, contact our friendly team of tax specialists today.
What happens if I am late filing my tax return?
VAT Return Services
All businesses that are VAT registered in the UK must submit a VAT return to HM Revenue and Customs (HMRC) every three months. You must do this even if you have no VAT to pay or reclaim.
Calculating VAT is a complex process, one that takes time and expertise. As expert tax return accountants, Makinson & Co give business owners the ultimate peace of mind, knowing that your tax returns will always be completed and submitted with the correct information, on time.
Submitting a VAT return is a legal requirement for businesses registered for VAT in the UK, and failure to do so on time will result in penalties and interest charges. This is the case for all late submissions, including nil and repayment returns.
Additional Accounting Services
At Makinson & Co we can prepare your VAT return either from your own bookkeeping records, or we can take care of this service for you too. Ensuring your tax returns are accurate is imperative to avoiding penalties, and even potential legal action. This is which it is crucial that your bookkeeping is accurate and up to date.
If you would like help with your bookkeeping, contact our team of expert accountants today.
A Less Taxing Way Of Life
It’s good to know that all your taxes have been calculated correctly, all returns have been submitted on time and that you are not paying too little or too much tax.
Our tax services are designed to achieve just that. Contact Makinson & Co today to discuss your tax affairs. The initial consultation is free.
Contact us today