Tax Returns
What is a Tax Return?
There are several types of tax returns, the most common being personal tax returns, partnership tax returns and corporation tax returns.
A personal tax return, also known as a Self Assessment tax return, is a formal document required by HMRC for individuals to report their income and calculate their tax liability. You may need to file a Self Assessment tax return if you are self employed, if you are a company director or if you have additional sources of income, such as rental or investment income.
A partnership tax return is required for businesses operating as a partnership, filed alongside each partner's personal tax return, to report taxable profits (or losses) from the partnership to HMRC.
A corporation tax return is required for limited companies to report taxable profits (or losses) from their business activities to HMRC.
Why are Tax Returns Important?
Filing tax returns promptly is essential for effective cash flow planning and ensuring compliance with HMRC regulations.
Late filing of tax returns can result in penalties and interest charges from HMRC.
How Can Tunstall Accounting Help?
A well prepared tax return can identify opportunities for legitimate tax savings, such as claiming allowable expenses and deductions that are relevant to your income. We work closely with you to maximise these benefits, helping you to reduce your tax liability whilst staying compliant with HMRC regulations.
Preparing tax returns can often be a complex and time consuming process. Using our services to outsource this task can save you valuable time to concentrate on what's important; managing and growing your business.
Why Choose Tunstall Accounting?
We keep up to date with changes in tax regulations so that you don't have to. With our expertise, you can be confident that your tax returns are prepared accurately and are compliant with HMRC regulations.
Following the end of the tax year, we will encourage you to promptly prepare your tax returns to ensure that you have as much time as possible to plan for any tax payments that may be due.
We will help you to ensure that you avoid any penalties for late filing of your tax returns and send you reminders of personal tax payments as they become due, to ensure that you avoid interest for late payment.