Self Assessment Tax from Accountspoint
Self assessment tax returns are due from all self-employed individuals, businesses operating as partnerships and company directors and must be completed each year by 31st January. Business owners are advised to budget for their tax bill.
Any tax liabilities are due for payment to HMRC by 31st January and also possibly 31st July each year.
Ensuring Accurate Self Assessments for Sole Traders and Partners
In order for an accurate self assessment tax return to be completed, records of the expenses and income of the business must be kept. An accurate record of any other personal income must also be kept.
If your business trades as a partnership and you are the nominated partner in the partnership, you will be required to keep the partnership’s records.
Record Keeping Rules for Company Directors
The record-keeping requirements for limited companies are a bit more involved than those for sole traders and partnerships.
Those running a limited company must keep and maintain records for the accounting of the business.
Accountspoint – Your Solution for Record Keeping
At Accountspoint, we can assist you with every aspect of record-keeping. We can maintain your monthly accounts so that by self-assessment time, you are ready with every piece of information you need.
So many businesses have chosen us for their accounting and business needs because of our service guarantee. We work with each client as a partner would. We work on your behalf and ensure that your business is – and stays – compliant, so that there are no unwanted surprises.