BOOKKEEPING & ACCOUNTING SERVICES
TAX RETURNS
Do you enjoy running your own business, but find managing your accounts and paperwork a chore you could do without?
What is a Tax Return and do I need to file one?
If you receive income that has not already had tax deducted, you may be required to complete an annual Self-Assessment Tax Return.
You must send a tax return if any of the following apply for the last tax year (6 April – 5 April):
- you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- you were a partner in a business partnership
- you had a total taxable income of more than £150,000
- you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- you had to pay the High Income Child Benefit Charge
You may also need to send a tax return if you have any untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
Click here to find out whether you need to send a tax return:
How can we help?
We want to make this process as simple as possible, so completion of your tax return is achieved within 5 easy steps:
1. Complete our Tax Return Form and send it to us by email info@prefect-balance.uk along with required ID documents as detailed on the form
2. Complete the Tax Return Guidance Form (if applicable) and include this in the same email
3. Give us access to your complete accounting records (e.g. access to your software/email us your spreadsheet)
OR
Provide us with your invoices and receipts for us to complete the bookkeeping required prior to preparing your Tax Return (this will incur an extra charge)
4. Once in receipt of all information required, we aim to prepare and send your draft Tax Return for approval within 6-8 weeks. Our invoice will also be included at this stage
5. Once you have signed your Tax Return documents and we are in receipt of payment for the invoice, your Tax Return will be filed, and an email will be sent to you to confirm any liability owed
Please feel free to contact us to discuss how we can help you.
We are based in Church Crookham, Hampshire and cover approximately a 5 mile radius in which are able to visit your premises. We also work remotely and help the majority of our clients via this method. Call us on 01252 594141 or use the contact form below.