Tax Returns – We provide a full accounting service for companies as well as individuals. You need to do your accounts or have a question about your taxes – we are here for you. Every year you have to settle your taxes. Which means a stack of receipts and paperwork for businesses large and small. As we all know, you have to do your tax return very accurately and in detail. Any mistake can result in you having to spend a couple of hours reassessing, which really is a nuisance at times. To make matters worse, you are not always able to find the source of the error. For a businessman who has a lot of other things on his or her mind, this is a waste of time, and as we know, time is money. Why bother when you can have someone conscientious do it for you, reliably and error-free. This will save you time and your health. Outsource it to us and we certainly won’t let you down.
For the current tax year 2023/2024, the tax-free amount has been increased to £12,570. The deadline for self-employed tax returns by paper form is 30 October each year and online tax returns are 31 January each year.
As far as contracted employees are concerned, they are not obliged to file an annual tax return, as taxes are deducted on an ongoing basis. However, it is advisable to make sure that too much tax has not been deducted (this is usually the case if, for example, you have two employers in the same tax year or you do not work the entire tax year). In this case, we can recover the overpaid tax after receiving a P-60 or P-45 tax return from the employer. If you have two forms of employment (self-employment and contract work) then you must file a tax return each year. If you are self-employed and work as a subcontractor in the construction services sector, you have tax to reclaim. The amount of tax reclaimed depends on the costs incurred in connection with the activity. The costs that are most often deducted for this type of work are: material needed to complete the order, tools, work clothes, telephone bills, marketing costs (advertising, business cards, flyers, website, etc.) or the cost of an accountant.
If you have an employment contract, you should always receive a P-60 from your employer after the end of the tax year, but if you change jobs during the tax year, your employer must provide you with a P-45, which you should always give to your new employer.
If you have the Working Tax Credit and Child Tax Credit between April and June each year, you will receive an annual tax declaration form from the office updating your earnings for the last tax year. This form should be sent back to the office by the end of July, preferably stating the final income rather than an estimated amount, to avoid possibly having to give money back to the office. Therefore, self-employed people should do their tax return first and then send the form to the office.
For information or to take advantage of our offer, please contact us on 0203 4902 919 or 0771616 1381.
Tags: accountant London, Ealing Broadway, tax returns self-employed
About Company – Polish Accounting Office Advena – London, Ealing.
