We work with a number of businesses, ranging from self-employed contractors to large macro organisations to provide support and administer annual Self Assessments. If you’re a LTD or LLP business, you’ll know that you are required by law to prepare annual Financial Statements (accounts). However, this doesn’t mean that sole traders and partnerships have it easy. HMRC and more importantly banks like all businesses to prepare year end accounts.
Preparation of end of year accounts is a time consuming and often daunting task for many. Businesses, whether big or small, struggle to get their accounts to Companies House and HMRC in time for their deadline, which incurs unwanted penalties. Self-assessment is used to collect tax from the self-employed, paying income tax on their profits. It is also used if you’re a business partner or a director of a limited company.
KD3 will take the strain off your business, to allow you to carry on with the everyday running and managing of your company.
If you are an employee but also self-employed (running a business part-time, for instance) you might also be required to make a self-assessment tax return. As part of the assessment, you will be expected to show details of your employment, earnings and tax deducted via PAYE.
Key deadlines for Self Assessment are shown below:
Paper tax returns for the 2017-18 tax year must be submitted by 31 October 2018.
Online tax returns for 2017-18 must be submitted by 31 January 2019.
You could face a penalty if you file your tax return late without a valid excuse. You are advised to declare your earnings and submit a tax return Please be advised that HMRC will not contact you directly to request your self assessment. The responsibility is placed on you to declare earnings and submit a tax return.
We will ensure that you meet your deadlines, and ensure that the accounts accurately reflect the business. Not only that, KD3 pinpoints where improvements and savings for the future growth of your business can be made.
Contact us today if you are in doubt or need support to submit your returns. We offer competitive rates and all new clients receive a welcome pack containing free tax insurance, corporate stationery plus your very own personalised merchandise including a mug and a pack of chocolate biscuits.