Tax returns are issued annually to taxpayers whom the tax office has been told have income from self-employment, rental income or income received where no tax has been deducted.
There are 2 main types of tax return – a shorter one if you have simple tax affairs and a fuller one if your affairs are more complicated.
At Huddart’s we can complete your tax return, calculate your final tax liability, file the tax return on line and work with you on the amounts to be paid and when they fall due. In addition, we can analyse your self-assessment tax return to see if any savings can be made. We want to be able to give you peace of mind in avoiding unnecessary tax payment or investigation.
Under Corporation Tax Self Assessment (CTSA), the legal responsibility for correctly calculating the corporation tax liability falls on business owners. We truly understand the issues facing owner-managed businesses and can prepare tax returns on your behalf. We will also calculate your company’s tax liability and assist with the calculation of any quarterly instalment payments. We are here to help.
The increased reporting obligations, investigation policies on the part of the tax authorities and harsher penalties for non-compliance mean that your time and resources can be taken up with tax administration. We will help to minimise corporate tax exposure and relieve the administrative burden of compliance with current tax legislation. Managing risk in this area of your business is crucial. Effective corporate tax planning can also result in significant improvements in your bottom line.
With the increased risk of such investigations it may be worth considering taking out an annual insurance policy to protect you and your business from unexpected costs; an investigation will undoubtedly result in additional accountancy work being undertaken. The amount of work will depend upon the complexity of the case but the cost could be substantial.
Should you wish to know more please contact for more details. We do provide the Huddart Tax Investigation Service where in the event of an HMRC enquiry into your tax affairs you can request that Huddart’s makes a claim on its policy for the recovery of the professional expenses that our firm incurs on your behalf.