The Financial Management Centre in Ashford and Maidstone offers an affordable and reliable tax return and year-end account preparation service to business, and small business owners in Ashford and Maidstone.
Many businesses throughout the UK experience difficulties in preparing and submitting their year-end accounts and tax returns. Rules surrounding entries and deductions confuse many business owners, and this confusion often leads to procrastination. This is why outsourcing the work to a reputable accountancy firm such as TFMC can be incredibly beneficial to your business.
Due to the confusion many businesses experience surrounding the subject of year-end accounts and tax returns, there are often many that are unable to comply with regulations which can end up resulting in a costly fine from the government.
Instead of struggling with compliance, why not opt for The Financial Management Centre’s tax return and year-end account preparation service to remove any risks of potential fines?
For an affordable fee, our advisors will be able to work closely with you or your team in completing these essential documents. We make sure that both your tax return and year-end accounts are completed accurately and within set deadlines. Read the benefits of early submission here.
YEAR-END ACCOUNTS SERVICE IN ASHFORD & MAIDSTONE
Limited companies operating in Ashford and Maidstone are obliged to submit annual ‘year-end’ accounts to Companies House in Cardiff.
This obligation does not stretch to those trading by way of partnership or sole traders. This obligation is set out in the Companies Act 2006. A failure to submit ‘year-end’ accounts prompts Companies House to issue an automatic penalty.
Penalties are charged on a sliding scale up to several thousand pounds. If you fail to submit year-end accounts for two consecutive years, then fines are doubled. Year-end accounts must be submitted to Companies House within nine months after your ‘accounting reference period’.
If you choose The Financial Management Centre in Ashford and Maidstone to complete year-end accounts, our advisor works closely with you and your team, making sure accounts represent a true and fair view of business finances over the period in question. If you do not receive monthly or quarterly management accounts, your year-end accounts are probably the only record of financial performance for the requisite period in question. The service we provide is affordable and means you free up precious time to spend on core business activities instead.
TAX RETURN SERVICE IN ASHFORD & MAIDSTONE
All companies operating in Ashford and Maidstone must file a tax return to HMRC each year. The tax return details revenue and profit/loss for the period in question. For limited companies, the tax return covers the ‘accounting reference period’. For sole traders and partnerships, the return covers the official ‘fiscal year’ from the 6th of April until the following 5th of April each year.
Limited companies must file a Corporation Tax Self-Assessment (CTSA) using form CT600. This form must be submitted within nine months after the end of your elected ‘accounting reference period’.
Partnerships and sole traders must file a Self-Assessment Tax Return (SATR). This document is filed to HMRC over the Internet. The deadline set by HMRC is 31st January each year. Failure to submit tax returns on time can result in unwanted penalties by HMRC. We believe failure to submit on time mostly comes down to a lack of understanding of the subject, which often leads to procrastination. Overdue tax returns can result in a £100 fine and interest charges on tax now overdue, according to the government.
If you, too, struggle with your tax return responsibilities, consider making an appointment with The Financial Management Centre in Ashford and Maidstone today. Our tax return service is affordable and accurate. Our advisors work closely with you and your team, making sure all legitimate expenses are deducted from your tax bill.
Our advisors make sure your return is filed well before 31st January. Click here to learn the many advantages gained by submitting your return early.
VAT RETURNS ASHFORD & MAIDSTONE SERVICE
Managing VAT returns is often another challenging and confusing task for many businesses. The rules surrounding entries and deductions are complex, leading to avoidable delays and potential penalties.
If you’re searching for a reliable VAT Returns Ashford based service, we can help. At The Financial Management Centre (TFMC) in Ashford and Maidstone, we are committed to providing an efficient and reliable service to take this burden off your shoulders. We manage the complexities of VAT returns, year-end accounts, and broader tax returns, ensuring you are compliant with all regulatory requirements.
We offer expert guidance on VAT laws and regulations to ensure accurate, risk-free submissions, providing your business with the advantage of saving both time and financial resources. Our team is skilled at simplifying and managing this often complicated process, allowing you to focus on your central business operations rather than worrying about preparing and submitting VAT returns.
UNDERSTANDING & MANAGING TAX RETURNS
It’s important to understand that VAT returns are different from year-end and tax returns. VAT returns are typically submitted quarterly to HMRC and detail the amount of VAT a business has charged to its customers and paid to its suppliers within that period. These are strictly concerned with Value Added Tax, a specific kind of tax applied to the goods and services a business sells.
On the other hand, year-end accounts provide an overview of a company’s financial activity throughout the entire financial year. They are used to calculate the corporation tax your company owes based on its annual profits.
Tax returns, however, involve a range of taxes, not just VAT. They can encompass income tax, corporation tax, capital gains tax, and others, depending on the business structure. A tax return is a formal report filed annually that declares a taxpayer’s taxable income, deductions, and tax payments.
HOW TO MAKE AN APPOINTMENT
At The Financial Management Centre, we aim to make the process of scheduling an appointment with us as easy and uncomplicated as possible. Simply reach out by calling our direct line at 01795 458 586. Alternatively, complete our online enquiry form.
Whether you’re reaching out via a phone call or using our online enquiry form, we ensure to provide you with a seamless and efficient appointment scheduling process. Your financial management needs are important to us, and we look forward to assisting you at our centres in Ashford and Maidstone.
FAQ’S – TAX RETURNS ASHFORD & MAIDSTONE
Are you a local business owner and have a question regarding our accountancy services? Or maybe you’re new to finance yourself, looking to get your head around vat, tax and accounts in general? Below is a break-down of our most frequently asked questions, along with how we can support you…
Does an accountant manage your tax returns?
When you find an accountant, they will be responsible for helping you with many tasks such as general accountancy and Vat returns with tax returns typically being the biggest. Accountants will file your tax returns on an annual basis.
How much does it cost for an accountant for tax returns?
Hiring an accountant will vary depending on the specific needs you have and how much work you need them to carry out. To get a cost for a particular service in Ashford, call our friendly team now on 01795 883275
Should you pay someone to do your tax returns?
Hiring an accountant to care of your tax returns saves a lot of time and means you can focus that time on other areas of your business. For overly complicated situations, paying for an experienced accountant to care of your tax returns could save you a great deal of time, effort and money.
Ashford & Maidstone
Martin Beckenham runs The Financial Management Centre in Ashford & Maidstone, and serves as the head bookkeeper in Ashford and Maidstone. Martin is a Certified Bookkeeper with the Institute of Certified Bookkeepers. He has over 35 years of experience in the Finance and Administration sector, firstly in the Oil Industry and more recently as Head of Statutory Government body.