Why does a company need to present a tax return?
Whatever kind of business you have, whether it’s a sole trader, partnership or limited company, a tax return should always be submitted to report your income to HMRC to let them know exactly how much tax you owe.
Regrettably, not presenting your tax return on time can end in substantial fines and interest being accumulated by HMRC. This is why it’s so critical to put systems in place in advance to assure everything is processed on time.
The added advantage to being organised with your tax obligations is that you will know exactly how much tax is owed before its due with sufficient time to pay your tax to HMRC.
Completing your Tax Returns
Tax can be a pretty complicated matter, unless your tax affairs are quite straight forward. It’s always beneficial to ask advice from a professional than struggle to create your own tax return.
What are the benefits of using MTS Accountancy Services to manage your tax affairs: