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Tax Returns

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CIS Accountants Maidstone

ACCOUNTING

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:

WE HELP YOU FOCUS

Peace of mind. By working alongside specialists, you know that your tax returns are correct and accurate.

Investigations, you’re less likely to be investigated by HMRC if you use a specialist, HMRC has means of identifying if figures presented on a return are likely to be wrong. This is a typical way to start a tax investigation.

Saving you time, it will usually take you a considerably longer to create your tax return than it will for a specialist. The time it takes you could be spent growing your business or more family time.

Claiming what you are allowed to claim. It is a pretty uncommon that we take on a new customer and cannot reduce the tax they owe. This normally relates to under declared expenses. Most businesses aren’t sure of the various types of expenditure that can be declared back and to claim them, which is where MTS Accountancy can help.

Contact a member of our team today for more information.

TAX REDUCTION RELATED TO COSTS

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Managing accounting

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle.

Tax accounting

Tax accounting in the United Kingdom concentrates on the preparation, analysis and presentation of tax payments and tax returns. The UK tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles for financial reporting.UK tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company.

Accounting firms

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.