If you have us by your side, it isn’t. At Lima Accountancy, we offer a complete service, year on year, to prepare your personal tax returns. Whether you have one or multiple sources of income, if HMRC requires you to submit a return it must be done. Even if you have no additional tax to pay, HMRC now levy penalties for missed deadlines
regardless. As the system works on self-assessment, it relies upon you assessing your own income and the onus is on you to ensure the information submitted is correct. It is also your responsibility to notify HMRC when you are required to start completing a tax return.
As so much reliance is placed upon your notifications, it makes sense to seek advice and let us help you out. No one likes paying tax, but with the correct tax planning in place, you can relax knowing that you are taking full advantages of all the tax allowances available to you, making that tax bill a little easier on the pocket.
When starting out in business, decisions such as choosing the correct accounting year end can make a big difference to your tax position. This means that tax planning is essential. Tax planning can also assist the smaller things like buying assets. Consulting us beforehand can ensure these are purchased at the optimum time to take advantage of allowances available for certain tax years.
Different business structures carry varying tax obligations, filing requirements and deadlines. At Lima Accountancy, we help ensure that you meet these obligations in a timely manner. All tax work is prepared in conjunction with the annual accounts preparation, whether it be for an individual personal tax on your sole trader business, a partnership or your company’s corporation tax.