If you are based in Bedford and the surrounding area and need help with registering for the right taxes, completing your tax returns, or if you need tax advice, then Jameson Accounting can help.
Depending on whether you are employed, self employed or run your business through a limited company, you may be subject to a variety of different taxes. Other taxes may also be relevant if you undertake certain types of transactions.
Submitting tax returns and paying any taxes due on time is important if you want to avoid incurring penalties and interest. We can help you with the calculations and filing of your tax returns, leaving you to concentrate on running and growing your business. We cover a range of taxes including:
- Income Tax
- Corporation Tax
- VAT
- NIC & PAYE
Income Tax – for individuals
If the only income you receive is as an employee then this should be taxed through the PAYE system by your employer, and you will not need to submit a tax return. If you are employed but have other income such as property rental income, retirement income or have undertaken other transactions which are subject to specific tax rules you may need to fill out a self assessment tax return for each tax year.
We can complete your tax return and submit this on your behalf. We will explain your tax liabilities so that you understand how much you must pay and by when.
Income Tax – for Sole Traders or Partnerships
As a sole trader or a partner of an unincorporated business you are subject to income tax under self assessment. In the case of a partnership, the profits from the business will be apportioned between the partners in line with the partnership agreement. Each partner must then submit their own tax return including their share of the profits.
We can complete your tax returns (including the return for the partnership) and submit these on your behalf. We will explain your tax liabilities so that you understand how much you must pay and by when.
Corporation Tax
If you operate through a limited company then the profits of the business are subject to corporation tax under self assessment.
We can complete your tax return and submit this on your behalf. We will explain your tax liabilities so that you understand how much you must pay and by when. If you also receive a salary through the company we can operate your payroll as well as assisting you with your personal tax return for income tax. If you are a shareholder receiving dividends we can also assist and advice on personal tax implications and obligations.
VAT
If you provide certain types of goods or services and your turnover is above the VAT threshold you must register for VAT. In some cases it may be beneficial to register for VAT even if your turnover is below the VAT threshold. We can advise you in all matters connected with VAT registration.
If you are VAT registered you will need to submit VAT returns detailing the VAT charged on your goods or services and the VAT you have paid on your purchases. You will then either pay over the difference or claim a refund.
We can prepare and submit your VAT returns. We will explain your VAT liabilities so that you understand how much you must pay and by when.
National Insurance & PAYE
If you run your own payroll, we can provide advice on:
- P11D completion (for certain benefits received by employees)
- Year end returns
In addition, we can also run your payroll for you, calculating PAYE and NI for your employees, providing payslips, and submitting Real Time Information (RTI) to HM Revenue & Customs for each payroll run.