Every business will need to complete annual accounts and a tax return of some type, whether you are a sole trader, partnership or limited company. Here at Direct Peak we can take care of these needs for you.
Sole traders will need a set off annual accounts putting together for their business. Once this has been completed, the results can be entered into their self-assessment tax return.
Partnerships will also need an annual set of accounts putting together with a clear breakdown of how much profit each partner has made, so this information can be entered into their self-assessment tax return. In addition to this, the partnership will also need a partnership tax return completing and submitting to HMRC, this is also known as a SA800.
Out of all the legal structures, the limited company has the most statutory requirements. Limited companies require a set of annual accounts which need to be submitted to Companies House on an annual basis. They also require a confirmation statement to be submitted on an annual basis to Companies House to update the shareholding of the company.
HMRC then require a corporation tax return for the limited company on an annual basis and the correct amount of dividends then needs to be communicated to the shareholders so they can enter this information on their self-assessment tax return.
Self-Assessment Tax Returns
If you are self-employed or a director of a company, you will need to complete a self-assessment tax return. There are also a number of other circumstances where one will need to be completed. Depending on your circumstances there are a number of forms that need completing, which range from the SA100 to SA109.