Tax Return Services from our Ilford Accountants at JR Accounts

Tax return services

A tax return is the catch-all name for a report that calculates an individual or corporate entity’s income for an entire tax year. It is also a term that strikes fear into many, with the need to compile and report on the full finances of your organisation and conduct complicated tax computations to determine your obligations.

Here at JR Accounts, we aim to help make the process of completing and submitting your business or personal tax return as effortless as possible. We’ll be able to offer all the relevant advice or even manage the entire process from beginning to end, leaving you to focus on running your business successfully. Our tax return service will provide clear details on what you owe - or is owed to you - and information on payment options.

Among those types of tax returns that we at JR Accounts can provide support with are the following:

Types of tax returns

Self-Assessment tax returns – completed by private individuals (such as freelancers) and businesses
Corporation tax returns – completed by a) limited companies; b) foreign companies with a UK branch or office; or, c) clubs, co-operatives or unincorporated associations
Partnership tax returns
Trust and estate tax returns

Penalties

Failure to complete your Self-Assessment tax return on time will result in a financial penalty, as well as interest charged on any late payments. If you manage to file your tax return by the due date but fail to do so accurately, you will likely receive a penalty notice. And though this can be appealed if a genuine mistake has been made, do you want to take the risk?

Our Ilford accountants are here to help

JR Accounts will assist you with your tax returns – whether you’re a freelancer or the director of a company that has thousands of employees. We’ll handle the minutiae of your income or corporation tax calculations while dealing with HMRC on your behalf. We offer a wide range of support services, including the selection and implementation of internal systems. And we can help you with your business planning, too. Essentially, we can assist you with the smooth running of all aspects of your organisation.

Get in touch with our tax accountants in Ilford

For more information about how we can help you with your tax returns, please don’t hesitate to contact our Ilford accountants at your earliest convenience.

While there’s no legal requirement to use an accountant for your tax returns, there are many benefits to engaging one. Accountants are familiar with the specifics of tax, and can ensure your returns are completed in an efficient, accurate and timely manner. This leaves you free to focus on other areas of your business.

Different tax returns have different requirements. For example, a VAT return must be submitted every three months, while corporation tax and self-assessment returns are due annually. The earlier you do your tax returns, the more time you have to gather all the necessary information and ensure they’re accurate. At JR Accounts, we offer tax return services and can handle any submissions on your behalf.

All limited companies are required to file a corporation tax return, while sole traders and partnerships must send a Self Assessment tax return annually. If your business is VAT-registered you will need to complete and submit a VAT return every three months.

When filing a text return it’s essential to meet the deadline. Late submission of a tax return can result in a penalty, even if there is no tax payment owed. Filing a VAT return late results in a ‘default’ being filed on your account, after which you’ll enter a surcharge period of 12 months where further late submissions could result in charges.

There are several ways to pay your tax bill. You can set up a direct debit, use your business’ online bank account to make a transfer, or pay by corporate credit card. Making payment is straightforward, but if you have any questions, we at JR Accounts are more than happy to help.

Businesses and individuals that are required to submit a tax return should receive a notice to do so. If you receive such notification, don’t worry – all it means is that the deadline is approaching and you need to ensure your return is filed on time. Using a tax return accountant can ensure the process is much easier, as your accountant will gather all the relevant data and submit the return on your behalf.

Businesses and individuals are advised by the government to keep their records for at least 22 months after the end of the corresponding tax year. The records for the 2021/22 tax year, for example, should be retained until at least the end of January 2024. You should also keep tax returns for the past five years, in case HMRC launches an enquiry or investigation.

Different types of tax return have different deadlines. VAT submissions must be made every three months, while Self Assessment returns must be made by 31 January in the year following the period they’re for. So a Self Assessment return for 2021/22 should be submitted with payment by 31 January 2023. Corporation tax returns should be filed 12 months after the end of the accounting period that they cover.

Tax Returns