Individual Tax Services - Self Assesment

Self-assessment is a system by which HMRC (HM Revenue and Customs) used to collect tax from people and businesses who are having income other than wages, pensions and savings as tax is already deducted from them.

For this purpose, you need to register yourself as self-employed and Class 2 National Insurance with HMRC.

After registering yourself you would get a UTR (Unique Tax Reference) number to continue with this process.

Our professional team is aware of the process and provide you with the advice of lowering the tax at every step.

Once you get in touch with us, an accountant will provide you with all the information and advise to save the tax. AJH Accountant is the team to make sure that the clients are on top of their taxes so they can make well-informed business and investment decisions as TAF has a motive about their clients that states “GROW WITH US”.

We follow these steps in order to complete your tax return.

Team TAF would be dealing with all the communication directly addressed by HMRC to us or forwarded to us by you.

Corporation Tax Return

A Corporation tax return (also known as CT600 form) must be filed with HMRC by all Limited Companies within 12 months after the financial year.

The first step is to notify HMRC that your company is subject to corporation tax. If your company must pay corporation tax, you must determine how much profit it makes each accounting period and how much tax is due.

A 12-month accounting period is maximum. So even though the CT600 isn’t due for another year, it must be paid within nine months and one day of the year’s end. Late returns or payments are subject to a penalty and possible interest.

If in doubt, check the Companies House website to see when your company’s fiscal year ends. Corporation Tax, like many other taxes in the UK, is complex. A professional tax advisor can help you plan to minimise your tax liability.

Individuals, sole traders, and partnerships are not required to pay Corporation Tax but must instead file self-assessment tax returns (also known as Personal Tax Return or SA302).

Value Added Tax (VAT)

A value-added tax (VAT) is collected on a product at every stage of its production during which value is added to it, from its initial production to the point of sale.

Businesses having the revenue over £85,000 are required to register for VAT to pay and charge VAT on the products they buy and sell. Businesses can also register for VAT voluntarily.

Businesses charge VAT and they need to pay this charged VAT to HMRC depending on whenever they file their VAT return as some businesses do it monthly or quarterly.

VAT RATES in UK.

20% of VAT is applied on most of the goods and services.

5% reduced rate is applied on some goods and services e.g children car seats and home energy

0% VAT is applied on Zero-rated goods and services, eg most food and children’s clothes.

VAT registered businesses are given a VAT registration certificate.

When you contact us an accounts manager would provide you with all the information and advice which is required right from the registration of the business till the filing of it and would help you stay on top of the ever-changing VAT rules and regulations.

If you can foresee that the business is about to hit the revenue of £85k, its better to start the process ahead of time to give you peace of mind. Your TAF team is there to help you on the way of all these processes and to help you GROW.