What We Do:
- Gather all income sources: business income, any other personal income (rentals, investments, etc.).
- Collate allowable business expenses (e.g. travel, office supplies, utilities, insurance) and ensure they adhere to HMRC rules.
- Maintain books of business transactions through the accounting year.
- Advise on deductibles, reliefs (e.g. trading losses, capital allowances).
- Compute taxable profit and prepare self‑assessment return.
- Submit the return by the HMRC deadline; calculate tax owed, arrange for payment, or modest payments on account if applicable.
- Handle any correspondence or queries from HMRC.
Deliverables You Receive:
- A detailed summary of your income and expenses, clearly showing net profit.
- List of recommended expense claims and tax reliefs.
- Completed Self‑Assessment tax return filed with HMRC.
- Estimated tax‑due and payment plans, if necessary.
- Documentation/records to support claims in case of an audit.
Why It Matters:
- Prevents costly penalty charges for late or incorrect returns.
- Ensures you reclaim all allowable VAT and don’t overpay.
- Proper VAT scheme choice can save you money.
- Ensures compliance and reduces risk of audits or disputes with HMRC.