What do we mean by Tax compliance?
When you are in business there are various forms and returns which need to be submitted to Her Majesty’s Government. These forms need to be submitted within specified time limits and failure to do so normally results in financial penalties being levied.
In addition to penalties for late submission HMRC may also charge penalties if relevant returns have not been completed accurately.
It is a fact that the Government is short of cash and it has, therefore, recently introduced a much stricter penalty regime than before. This means that failure to submit returns and payments both on an accurate basis and on time is going to be costly.
So how can we help?
Our job is to remove this “Tax compliance” burden from our clients.
With respect to the relevant Returns we can:
- Prepare and submit these on your behalf.
- Remind you in advance of submission and payment dates.
- Check Returns prepared in-house by you before they are submitted.
The areas where we can provide Tax compliance assistance will vary depending on the type of business entity you trade through.
Tax Returns required and analysed by trading entity are:-
- Corporation Tax Computation
- Corporation Tax Return
- P11D forms in respect of employee benefits and expenses
- VAT Returns
- Self Assessment Personal Tax Returns for Directors
- Partnership Tax Computation
- Partnership Tax Return
- P11D forms in respect of benefits and expenses
- VAT Returns
- Self Assessment Personal Tax Returns
- Income Tax Computation
- VAT Returns
- Self Assessment Personal Tax Returns
The above Tax compliance Services are likely to be provided by most accountants however, this does not mean that the level of service provided will be the same in all cases.
We will take great care to ensure your financial Returns are accurate before submitting them to HMRC to minimise the risk of incorrect figures which are more likely to lead to enquiries from HMRC.
We will remind you about deadlines and indeed issue repeated reminders since we do not want our clients to incur unnecessary financial penalties for late submission of documents.