Quest Accountants Birmingham provides a tax service customised for each and every client. We take care of all aspects of your corporation tax returns and self-assessment tax returns. This service is perfect for sole traders and small to medium-sized businesses.
Our service includes contacting HMRC on your behalf and handling all correspondence and questions. Our clients are loyal and trust us with their finances. We work with integrity and professionalism to deliver outstanding results. We provide a client service you won’t find anywhere else.
Rest assured that all information provided will be treated confidentially and in accordance with industry standards. We offer tax advice that is tailored to your specific business sector.
Even for those with some experience, the process of filing statutory tax returns can be difficult. Even if you are familiar with the process, you may not be aware of the many forms of taxation available. It can also be confusing to understand the requirements. Our tax accountants in Birmingham can help you file your taxes each year, easing the stress and taking away some of the responsibility.
Taxpayers are responsible for paying the correct amount and on time. Incorrect submissions or late completions may result in investigations and financial penalties.
Tax returns are an integral part of managing a business. Most business owners don’t think about filing taxes. Making money is the main focus of their minds. This is why it is so beneficial to hire an accountant. Our accountants Birmingham allow small- to medium-sized business owners to focus on their daily operations while we handle the taxes.
The UK requires that all tax returns be completed each year. This form is used to declare your income and capital gains during a tax year. The form can be used to claim tax reliefs and allowances. The form can be sent to HM Revenue & Customs online or on paper. Your tax liability is calculated using the information from your tax return. Self Assessment is the legal term for submitting tax returns. A tax return is a return of all your taxable income for the calendar year. It does not include income from employment or other sources that HMRC already has information about.
Most people in the UK pay their taxes ‘at source’. This means that they don’t have to file tax returns. If your tax situation is complicated, you will need to file a formal tax return. It can be difficult to receive foreign income or gains.
You don’t need to file tax returns if you have paid your tax at source. All self-employed individuals in the UK must file a tax return, regardless of whether they pay tax at source like under the CIS (Construction Industry Scheme).
You may also have a bank or building society interest, which is exempt from tax deduction at source (from 6 April 2016). If it is lower than your personal savings allowance you don’t need to file a tax return. You may be able to avoid filing tax returns if your bank interest exceeds the personal savings allowance.
A tax return may be required for people who have income which has not been taxed at source or at the correct rate. This income could include rental income, income from investments, or employment income that is not correctly taxed under PAYE. If HMRC has sent you a formal notice to complete a tax return, then you are legally bound to file it unless HMRC withdraws that notice.
All UK taxpayers are responsible for telling HMRC if they have to file a tax return. To avoid a penalty from HMRC, you are required to register for a tax return by the 5th October after the close of the tax year.
You will be issued a Unique Taxpayer Reference upon registration. This reference is confidential and should be kept safe. This will be necessary to complete your tax return.
You will need to fill out a tax return if you have to. It’s a complete reconciliation of taxable income. You should not leave out any source of income (unless less than £1), or whether tax was deducted at source.
Completing tax returns is a complex process with heavy fines if you do it wrong. HMRC do not accept inexperience or ignorance as a valid excuse for errors. We strongly recommend that you call us on 0121 235 0315 for a chat and a free tax review of your business so we can show you how to pay less tax and keep more money in your pocket.
If you want to discover how we can help your business, Quest Birmingham Accountants offers the following services: Tax Services, Self-Assessment, VAT, Payroll, New Business, R&D Tax Credits, Annual and Management Accounts, Tax Returns, Self-Employed Accounts, Business Planning, Business Tax, Accounts Services, Bookkeeping, Pensions, and UK Tax Deadlines.
Give us a call on 0121 235 0315 for a chat or send us a message below to book a free tax review of your business.