INDIVIDUAL
Are you an individual self-employed, company director, partner, property landlord, or have income from savings/investments/capital gains, then you may be liable to income tax on your combined UK income sources and worldwide income.
Being an individual entrepreneur has been the oldest and most traditional form of business bearing numerous rewards not only from the financial point of view but control, decision making and also able to work independently as your own boss.
However you have to be agile enough to tackle with commercial demands as well as related accounting, tax and recordkeeping issues. All the necessary registrations and periodic filings with HMRC have to be done on time with the observance of current applicable tax rules.
Self-employment Checklist
Here are few questions you need to ask yourself to ensure a trouble free setup.
Have you:
- Done registration with HM Revenue & Customs as a self-employed on time?
- Obtained any required permits or planning permission from the relevant authority?
- Business rates registration with local council or if you are eligible for any exemptions?
- Registered for PAYE scheme if you are employing any one?
- Registered for VAT if you expected yearly turnover is to be above the current threshold?
- Have adequate record-keeping systems in place?
- Secured any copyright or patent registration ensuring that business name is on all paperwork, including letters, invoices, receipts and cheques?
Services available but not limited to
- Accounts & Bookkeeping
- Profit and Loss
- Cash flow
- PAYE registration and payroll run
- VAT returns
- Completion of tax returns
- Calculation of tax liability
- Filing returns
- Payment plans
Our service will provide you to continued access to expert knowledge whenever you need it, helping you grow your business and focusing your time on what you do best.
Registering as a sole trader is one of the easiest ways to start a business as setting up is quick and easy but does involve some inherent financial risk, as any business failure may lead to the entrepreneur personally responsible for and must pay their debts. However as the businesses grow people who started their business as a sole trader tend to incorporate it as a limited company to achieve greater flexibility and security.
Accounttax can support you by managing your personal taxation affairs, maintaining sole trader accounts, bookkeeping, PAYE & Vat returns, administration, filings, cash flow, and annual tax returns. We pride ourselves on our client relationships and build strong professional bonds with our clients that last a lifetime.
We relish in providing you with sound and solid advice regarding financial options and potential business benefits which are in your interest and watching you grow.
Accounttax will work with you throughout your business journey, we can advise you on making such decisions as well as supporting you with your financial requirements.
Self-Assessment is a mechanism by which HM Revenue and Customs collects income tax from individuals from all their UK and if applicable overseas income sources.
In UK approximately 11 million people file their self-assessment tax returns each year which include self-employed, company directors and unincorporated business partners.
Accounttax offer more than a simply filing and tax return service. We specialize in removing the headache of dealing with the accounts and bookkeeping, profit and loss, tax calculations and submission that comes with being self-employed.
We want to see you in control of your time and selling your skills. If you are a freelancer, contractor, consultant or small business then we can help.
Having income from sources like employment, pensions, savings, tax is usually deducted directly at source however Self-employed and people with any other type of untaxed income must report it in the form of an annual tax return.
Self-Assessment may not prove to be everyone’s cup of tea owing to its somewhat cumbersome nature. It can also be costly if deadlines are missed, inappropriate records are kept or incorrect returns are filed.
From simplest self-employment set-up to rather complex scenarios requiring specialised tailor-made solutions accountants in slough are un-matched in their approach. We will work on your tax returns giving you peace of mind and with all benefits to you included.
Not only we will manage all your tax computations using all available reliefs and allowances with a view to maximize your tax savings but also sit and explain everything with you before submission, to confirm you are happy to proceed.
Services available but not limited to
- Accounts & Bookkeeping
- Profit and Loss
- Cash flow
- PAYE registration and payroll run
- VAT returns
- Completion of tax returns
- Calculation of tax liability
- Filing returns
- Payment plans
Our service will provide you to continued access to expert knowledge whenever you need it, helping you grow your business and focusing your time on what you do best.
Having multiple income streams from local or foreign sources such as investments, trade, capital gains, rentals, savings, combined with the complexity of being UK resident/non-resident. domiciled/non-domiciled from UK taxation prospective warrants careful tax planning using all available tools to make a significant difference to your tax liability.
Tax Planning is very important and helps keep control of your finances. We are finding tax is increasing in terms of complexity and responsibility has been imposed on the taxpayer. Sound advice and professional handling of your tax affairs is vital to enhance your business viability and tax savings.
Our team will support and advise you with the management on all your all tax related areas. With our special expertise Windsor accountants open a range of feasible options enabling you to be in full command of your business in hand. Our small business tax specialist provide a range of tax saving alternative by evaluating your unique circumstances
Having worked with variety of cliental and their diversified requirements accountants in Slough has developed a team of professionals who specialise in their own domain weather it’s complexity of non-domicile status, capital gains issues, or VAT related matter ensuring you have full confidence that your accounting and tax affairs in most competitive hands. Essentially, ensuring you are doing the best for your business.
Thousands of individuals and businesses face HMRC tax investigations each year. Whilst being fully compliant and to manage it in their best interest require proper set of skills and professional advice.
There are many reasons why you may be chosen for inspection. It could be any variation in the previously reported figures ranging from business turnover, an awkward overhead or some un-expected tax relief claim on your tax return. HMRC instigate bulk of enquiries to ensure full compliance with tax laws, so even a straight forward looking tax return may generate a few question needs answering with not only proper books & records but also proper application of tax rules.
Keeping clean records, clear accounts and submitting tax returns on time will help avoid any further problem in these situations.We can help to manage your accounts detail, keep your records, and up-to-date you with the legislation principles. Our services will help you to focus on grow your company without any worry, somehow if any situations arise, we are here to help and support you.
Slough accountants have all the technical tools up their sleeve to help small businesses and tackle complexities of any tax enquiry which you may dread. We offer a full road map and timeline make sure that you fully understand the whole process and our delivery strategy ensuring the best position outcome in your favour.
Windsor accountants endeavour to spell out the most complex business and taxation issues in most viable and comforting manner taking the complexity out for you, whether it’s the up keeping of business records or accounts, VAT or PAYE, HMRC enquiries or else. With years of experience in handling HMRC queries we fully comprehend the level of professionalism and expert advice needed to overcome the technicalities. Our accountants in Windsor take every step in addressing these and make it stress free experience for our clients.