Business Tax for Sole Traders/Partnerships
Getting your tax right and making sure you pay the right amount is one of the most important financial aspects of any business, especially when starting up.
If you trade as an individual then you are classed for tax purposes as a sole trader. This means that you have to prepare a set of accounts for your business each year to include on your
Having finalised the accounts a business tax computation needs to be prepared and this provides the figures for the
After finalising the accounts we would reduce payments on account if the liability was going to be lower and we always advise you of the liabilities and due dates in writing when sending you your draft
If you trade with others in your own names or a business name then for tax purposes you are taxed as a Partnership. This means that each year you have to prepare a set of accounts for your business to include upon a partnership
As a leading firm of Chartered Accountants in
As part of the annual accounts
Being in Partnership offers one major downside in terms of penalties. The Partnership
Our tax team have statistics generated from our tax software that indicates the progress of every return so that we can make sure that your partnership return can be filed on time. We do expect cooperation in terms of providing the information to enable us to prepare the accounts and returns for you and have a chasing system that is set up to make you aware of your responsibilities should you not meet certain dates.
Registering a New Business
If you fail to make HM Revenue & Customs aware of your business within three months of commencing to trade you will be fined for failing to notify charge ability. We are experienced in making sure that you have provided HM Revenue & Customs with sufficient income to allow them to open a file for your business and obtain your previous tax papers. As part of this
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What might this mean for your business?
Many companies will experience short-term trading and cashflow issues during their lifetime. If these become significant and the company is unable to recover, then the Directors may need to consider placing the company into insolvency. In law, a company is insolvent...
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