If you are planning to set up a new
business or if you already have a running business, you will need to take care
of paying your taxes in time. All companies and limited liability partnerships
in the UK are required to submit their accounts to Companies House within ten
months of the accounting reference date.
Accountants
London can assist in deciding the best accounting reference date. London Tax
Accountants can help choose an advantageous
accounting reference date from the perspective of tax. If you have just set up
your business, your first accounting period begins on the day of incorporation.
The end of the accounting period is the last day of the month when the
incorporation completes a year. This date or the end date of the accounting
period is called the accounting reference date of the company.
Should a business owner want, he or she can
change the accounting reference date. However, there is a limit to how much the
date can be extended, and the number of times that a company can extend this
date within a five year period. The business owner will also need to make a
notice to the Registrar for changing the accounting reference date which may
itself prove to be quite a cumbersome process for someone who is not aware of
all the tax rules. Tax Accountants London takes care of filing of the forms
with the Companies House for you.
Any business will have to pay a number of
taxes. The main business taxes include income tax, corporation tax, and VAT.
The legal status of the business, its annual turnover, and its taxable profits
will determine which taxes the business owner will have to actually pay and
when. These are the factors which will also determine which payment processes
you will need to use. Accountants Londontake the pain out of this process for
you so that you can continue with the running of the business.
Accountants
London can advise you on the tax implications. For example, if you work
only within the UK, you may have to pay VAT. If you are importing or exporting
goods from outside the European Union, there will be different VAT rules that
will need to be considered.
Similarly, if you fall under the category
of self-employed or are a partner in a business partnership, you may just need
to calculate a self-assessment tax application. For those who operate in the
construction industry, the construction industry scheme will need to be chosen
and for limited companies, a corporation tax is the right payment process. Talk
to Accountants London for the necessary advice.
Call Accountants London to set up an
immediate meeting for any aspect of tax relating to your personal or company
tax. There are also organisations such as clubs or friendly societies. These
will also need to find out which taxes they need to pay. However, the
likelihood is that they will also need to pay corporation taxes.
If the company is a limited company, a
profit and loss account, balance sheet and any additional information should be
made in compliance of the provisions of Schedule 4. If there is a good reason
to include the accounts in a form that does not comply with the provisions of
the said Schedule 4, the company will also have to specify a reason for doing
the same. London Tax Accountants can assist here too.
As anyone can see there are lots of things
that need to be considered while paying taxes for your business and the above
mentioned factors are only a few of them. For example, you may qualify for a
total audit exemption if your annual turnover and balance sheet is lower than a
certain amount and you qualify as a small company. Let Accountants London establish these criteria
for your business.
Accountants
London can take over these compliance issues so that you may run your
business free of compliance burden.
