Company Accounts & Self Assessment Guidance in Colchester

P S Bookkeeping and Accountancy prepare accounts for businesses, sole traders and partnerships across the UK, ensuring that their accounting activities fall in line with legislation.  

Capital Gains Tax

You may be required to pay Capital Gains Tax if you have profited (gained) through the sale of all or part of a company asset. Such assets could include:

• Property & grounds
• Shares and registered trademarks

We will be able to work out your gain, i.e. the difference between what you bought your asset for and the amount it was sold for. 

Tax Returns

We submit tax returns to HMRC on behalf of individuals, sole traders, and partnerships. If you have multiple partners, a personal tax return is required for each person. If you are a company director, you will normally be required to submit a tax return as well. 

Self-Assessments

Having an accountant on hand, when completing your self-assessment, has a number of benefits. It lifts the strain from your shoulders whilst saving you time and money. 

There’s no need to try and fathom tax returns when we can make sure you’ve filed your tax return correctly and within your deadline. Late submissions incur a £100 fine from HMRC which accrues interest until the self-assessment has been completed correctly. We will complete all the necessary calculations in line with legislation, minimising your tax liability. 

VAT Returns 

It’s important to stress that all businesses registered for VAT must submit VAT returns. We also understand how complicated the registration process can be which is the reason we offer a reliable and cost-effective VAT service which ensures that you don’t inadvertently under or overpay VAT.

Our services in this area include:

• Assistance with VAT registration
• VAT planning and administration advice
• VAT control and reconciliation

You may be required to pay Capital Gains Tax if you have profited (gained) through the sale of all or part of a company asset. Such assets could include:

• Property & grounds
• Shares and registered trademarks

We will be able to work out your gain, i.e. the difference between what you bought your asset for and the amount it was sold for. 

Income Tax 

We can advise you on how to calculate how much Income Tax you will need to pay. It’s important to note that this applies to your yearly salary, any profits you make if you’re self-employed, some state benefits, most pensions, any interest accrued on your savings and benefits from your company. 

Most people receive a personal allowance of tax-free income. You only pay tax on the amount you earn which is above this threshold. We can register you for PAYE which is the system used by employers to take Income Tax and National Insurance. 

Corporation Tax 

We will file Corporation Tax Returns on your behalf. Find out more about Corporation Tax here.

If you have questions or concerns about company accounts, taxation, or you would like to team up with one of the qualified accountants here at P S Bookkeeping & Accountancy, why not get in touch with a member of the team today?