Taxation Services

For Individuals and Partnerships

The main or only reason for engaging an accountant is to complete tax returns. Whether you are an individual, self-employed, in a partnership or running a company, you must submit a tax return and it must be correct and on time. Ignorance of the rules is not an excuse for late or incorrect returns. Mistakes can lead to big financial penalties.

For individuals and partnerships, the tax return is called a Self Assessment return. Over the years complexity has increased to the point that individuals have neither the knowledge nor the time to calculate their tax correctly. We take the stress out of submitting returns and minimise tax liabilities.

Even if you are employed and pay your taxes through pay as you earn, you may be required to complete a personal tax return for example:

  • You have untaxed income such as rent from property or capital gains from the sale of assets
  • You were a company director
  • You had income from savings or investments of more than £10,000
  • Your income was greater than £100,000
  • You are a high rate tax payer with income taxed at source at the base rate such as interest or dividends
  • You were self-employed at any time during the tax year, even if only part time
  • If you are notified by the HMRC requiring you to complete a tax return

HMRC apply penalties for late submissions. The penalties apply even if there is no tax to pay. Late payment of tax attracts additional penalties.

It may seem that employing our services seem an unnecessary expense but we do provide real benefits. Apart from saving you time we will:

  • Provide reminders to avoid late filing
  • Deal with HMRC on your behalf. They will resolve queries promptly and make sure that HMRC treat the taxpayer fairly
  • Know the current requirements and avoid over or under reporting of taxable income
  • Identify potential tax savings. These can be material and can cover the cost of their fee several times over
  • Assist with forward planning

For Businesses

Effective tax planning can result in significant improvements in your bottom line in terms of both profit and cash. In order to achieve this:

  • We can provide a full range of service to small business
  • Self employed, sole trader and partnership tax returns
  • Corporation tax returns
  • VAT returns
  • Payroll returns

Like all business owners you will have enough to do without worrying about your tax returns. Not only do we just calculate your tax and complete the returns, we will also identify which returns you require and look for means of reducing your tax liability. This leaves you with the time to focus on running your business.

For more information on what Delmatrix Accountancy Services can do for you, please contact us.