Year End Accounts
If you are in businesses you will need to prepare accounts. Whether you are a sole trader, partnership or limited company you will need them for taxation purposes.
If you are a limited company there is a legal requirement for Abbreviated Accounts to be filed at Companies House. We will ensure that these accounts are prepared and submitted and making sure only the minimum amount of information is publicly disclosed.
Warburton and Co will fill out your tax return and make sure it is filed before the 31st of January and advise you well in advance of your self assessment tax liability.
The tax return covers most income earned in the fiscal year and must be filed with HMRC by 31st January
If your accounting year does not match the tax year then the earnings for the accounting year that finished during that tax year will be reported on your tax return. Self assessment tax returns are filed online.
A VAT return is a form you file with HMRC, usually four times a year, to show how much VAT you are due to pay them. If you're not registered for VAT, you won't file VAT returns.
The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC. Your VAT return should be filed 1 month and 7 seven days after the period end online to avoid penalties. Warburton & Co will file your VAT return before the deadline.
The ltd company accounts are due to be filed to companies house after a fixed set period after the Year end accounts for the Ltd company. Corporation tax charged on your companys profits is charged at 20% tax. Your corporation tax return is submitted usually on the same day as your accounts are filed to companies house. The confirmation statements is filed once a year and has to filed on time otherwise penalties are charged. Proposed changes in the way dividends are taxed from 6th April 2016 means that the old 10% notional tax on dividends has been abolished and now there is a new £5000 tax free dividend allowance. Dividends above this level will be taxed at 7.5% basic rate tax and 32.5% higher rate tax. Click here to see the dividend tax calculator.
Registered Office Info
Dealing with business correspondence is an important part of the day to day duties of running a business, particularly when dealing with HM Revenue and Companies House documents.
Warburton & Co Accountancy services offers a service through which you can use our registered office address. Warburton and Co receives all company mail and processes it for you making you aware of any urgent information either by telephone or email. Not only this, but your accountant can directly action HM Revenue and Companies House documents leaving you free to run your business.