The Value Added Tax (VAT) is a consumption tax assessed on the value added to goods and services. VAT registered businesses are given a unique number from HMRC. Those businesses have to calculate VAT due to/from HMRC and to file a VAT return periodically. In the recent years, VAT legislation has become increasingly complex. Our team will help you choose the correct VAT scheme for your business and direct you on the path to paying the right amount of VAT.
Making Tax Digital (MTD)
HMRC introduced the first phase of its new digital tax initiative, Making Tax Digital (MTD), on 1 April 2019 for VAT registered businesses. This means getting businesses to complete tax records and returns digitally and eventually to go paperless. Our team undertakes continuous training in various MTD compatible software to make the MTD process easier for businesses like yours.
Our services include:
- Registering your business with HMRC for VAT
- Advising on the best VAT schemes suitable to your business
- Completion and filing of VAT returns in compliance with MTD
- VAT planning
Companies in UK are required to calculate how much profit they have made in each accounting year and pay a Corporation Tax charge on those profits. Late, inaccurate and incomplete filing may incur penalties and fines. We prepare your corporation tax returns in a timely manner and file them at HMRC. Our team uses popular software to prepare and file your corporation tax returns eliminating any errors.
At MYT accounts we take pride in engaging with our clients throughout the year to discuss the possible liability to corporation tax. And to ensure that paying corporation tax is as painless as possible.
You must send a tax return if you are self-employed as a ‘sole trader’ and earned more than £1,000 and/or a partner in a business partnership. Our tax advisors will work alongside you to protect your interests by providing you smart tax planning advice and make you compliant with the current tax regulations.
You may need to file in a tax return in circumstances where you receive additional untaxed income. Eg:
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- Renting a property
- Income from savings, investments and dividends
- Foreign income
- Being a director of the company
- Receiving child benefit- If your income (or your partner’s, if you have one) was over £50,000
- Receiving tips and commission
Our team will guide you in registering and submitting the self-assessment tax returns within the set deadlines.
When you form a partnership business you must register with HMRC and are required to file partnership tax returns each year. Nominated partner is responsible for completing and filing the tax returns. Our team will assist you in allocating the profits based on the profit sharing ratio of the partnership agreement. We prepare the partnership tax and individual partners’ tax returns and submit to the HMRC.