Any individual in the UK who receives income for which tax is not deducted at source through PAYE, pensions or savings has to complete a self-assessment tax return. Of course, there are various circumstances whereby the individual may not have to complete a tax return, however, this needs to be looked at on a case-by-case basis.
Most individuals in the UK will be employees working in various industries and the income they earn will be taxed at source through Pay As You Earn (PAYE) which means they do not have to complete a self-assessment tax return. However, if this individual has other income such as rental income from properties let out, overseas income, savings etc. then they have to register for self-assessment with HMRC and complete a tax return. Penalties for failure to comply with HMRC’s strict rules and regulations in this area can be quite significant.
There are various allowances and exemptions which a tax-payer can qualify for and we at Adeza are here to ensure that you do not pay a penny more in tax than you have to by maximising these allowances and reliefs as well as complying with HMRC rules and regulations. We provide sensible tax advice using simple English and avoiding accounting and tax jargons.
In addition, we will deal with HMRC on your behalf should they enquire into your tax returns.
For two or more individuals who are in business together as partners, this is known as a partnership. We can assist by preparing partnership accounts, discussing these with the partners including the profit share ratios and including the partners’ profit share in the tax returns.
In respect of Limited Liability Partnerships (LLP’s), there is a statutory requirement to complete accounts on an annual basis and file these with Companies House (within 9 months of the year-end). There is also a requirement to prepare a LLP tax return and file this with HMRC. The LLP does not have a tax liability; instead, the partners within the LLP have to show their profit share when preparing their self-assessment tax return.
Again, Adeza can assist with preparation of LLP accounts and filing of these with Companies House as well as preparation of LLP tax returns and filing of these with HMRC.