Accountancy Services and Tax Assistance
MSF Associates has dedicated Accountants who have relevant professional qualification to provide accountancy services and tax assistance to Private tax payers, Sole traders, Partnerships, Small limited liability partnerships and Small limited companies.
- Prepare accounts to help in completion of self-assessment tax returns and corporate tax returns.
- Produce financial statements for filing at Companies House and abbreviated accounts.
Accounts are prepared to agreed timescales and deadlines.
But we can do more than just report the history of what's already happened...
- Identify areas where we can assist in minimising your tax liability.
- Identify areas of the business that give you the most opportunity to make improvements.
- Use the accounts to help you measure where you are in meeting your goals and what actions you need to take.
We take the time to explain your accounts to you so that you understand what is going on financially within your business, helping you to plan for the future.
If you would like to discuss the accountancy and tax assistance services we offer please contact us.
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC).
You must still send a return if you make a loss or have no Corporation Tax to pay.
You don’t send a Company Tax Return if you’re self-employed as a sole trader or in a partnership - but you must send a Self Assessment return.
What it involves
When you file your tax return, you work out your:
• profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts)
• Corporation Tax bill
The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.
There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.
Let MSF Associates Accountants take care of your tax, while you take care of your business.
HM Revenue & Customs send out Self Assessment Returns each year in April to those individuals registered as self-employed or who receive income that is not taxed through the PAYE system.
The Return covers the previous tax year period from 6th April through to 5th April. The deadline for submission is 31st January following year.
If you have received Self Assessment Return, then don’t delay as failure to submit on time can and will result in financial penalty.
Who has to fill in a Self-Assessment Return?
The majority of people in the UK are taxed under PAYE and do not have to complete a Self Assessment tax return. However, where you have income that is not taxed at source or may be liable to higher rate tax on income that has only had basic rate tax stopped you will probably need to complete a self-assessment return. It is your responsibility to notify charge-ability to tax to HMRC.
The following people usually have to complete one...
- Anyone who is self-employed;
- A company director;
- A trustee;
- Pensioners with an annual income of £100,000 or more;
- Employees or pensioners with an annual income from savings or investments of £10,000 or more;
- An employee or pensioner with untaxed annual income of £2,500 or more;
- A landlord who rents out property or land;
Let MSF Associates sort your tax affairs, we will calculate your tax liability for you and advise exactly how much tax needs to be paid and when you need to pay it. We will Complete and submit your tax return to the HM Revenue and Customs.
Specialist support to resolve HMRC inquiries
Tax investigations for most people are a daunting and stressful experience. Even more so when your records are under intense scrutiny and you are facing HMRC investigations alone.
No matter how large or small you are HMRC can launch a tax investigation at any time. There doesn’t have to be a specific reason – everyone who submits a tax return is at risk. It’s impossible to tell when an investigation might happen and that’s why it’s so important to protect yourself today.
As your accountants, we care about your health and wellbeing. We know that many people never expect a HMRC tax investigation, and the impacts can be long-running and serious.
MSF Associates Accountants offer more than just accountancy services, we’re here to help you – offering advice, guidance and a tax investigation service to protect your business.
The cost of a tax investigation can quickly add up, for added peace of mind, we provide a comprehensive tax investigation service to cover our costs for defending your case. We can also advise on any insurance needed to protect you against unexpected professional fees arising from an investigation.
Need More Information?
Click on the button to contact us with any questions or for an informal chat.