Self-Assessment Tax Returns Accountants in Harrowby Benny Gala DNS Accountants
What are self-assessment tax returns?
The self-assessment tax return is a system used by Her Majesty’s Revenue and Customs (HMRC) to collect income tax. A report has to be created by the company’s owner or individual and based on that report; HMRC will decide how much the individual or company owes.
What are tax returns?
A tax return is a document that has to be filed with Her Majesty’s Revenue and Customs (HMRC) for taxation. The different types of returns are Income tax returns, Value added tax returns, Corporation tax returns and others.
- Value added tax returns: A company has to register itself for Value added tax if the company’s turnover exceeds £83,000 as of 2016. The company has to register itself with Her Majesty’s Revenue and Customs in order to get itself registered for VAT (Value Added Tax). By using the value added tax registration number (VRN), the authenticity of other companies can be verified.
- Income tax returns: The income tax is a tax that is collected from people whose income is more than £100,000. There are also criteria’s and on the fulfilment of which would the person be allowed to file income tax returns. The income tax is known to be the singles largest source of revenue in the United Kingdom.
- Corporation tax: The corporation tax is a tax that is levied on the profits of companies of the United Kingdom. The total net corporation tax receipts in 2014-15 amounted to £43.0 billion.
Getting the necessary information from third parties at least two months before the deadline is important for you to file the self -assessment tax return before the deadline. Start asking for information to third parties as soon as possible and get it done before the deadline. The information that can be obtained from your own company has to be received soon and can be taken care of by the Harrow accountants of the company. Both the information from the third party and one’s own company has to be received well in advance to compile all of it and file the self -assessment tax return before the deadline. The accountant has to make sure that the accounts are legitimate, authentic and without any errors.
Created on Mar 6th 2021 04:21. Viewed 152 times.