FAQ's

Need help with your Tax Return or want to pay less tax?

Personal tax services are available both for business owners and private individuals including...

FAQs

1.How long does tax return filing take

The duration depends on the complexity of your financial situation and the completeness of the documents provided. We always make sure to complete the work as soon as possible without any delay.

2.When is the deadline for filing my tax return?

The deadline for submitting online tax returns in the UK is usually January 31st each year. Paper tax returns are due by October 31st.

3. What documents do I need for my tax return?

You’ll need income details (P60, P45, payslips, self-employment income), details of any additional income (interest, dividends, property rental), and relevant expenses or deductions. We’ll guide you through any additional documents needed.

4. How can I check my tax refund status?

Once your tax return is filed, HMRC usually processes refunds within 4-6 working weeks. You can check the status through your online HMRC account or reach out to us for assistance.

5. Do I need to register for VAT?

Answer: Businesses with a turnover exceeding the VAT threshold (currently £90,000) in a 12-month period must register for VAT. We can assist in evaluating your requirements and handling the registration process.

6. How does Making Tax Digital (MTD) affect my VAT filing?

Under MTD, VAT returns must be submitted electronically using compatible software. We can assist you with setup, training, and ongoing compliance to ensure a smooth transition.

7. What records do I need to keep for VAT?

You’ll need to maintain records of sales, purchases, and VAT receipts for at least six years. We can help you establish an organized record-keeping system.

8. What information is needed to set up payroll?

You’ll need employee information (NI numbers, tax codes), pay details, and pension information. We handle the payroll processing, deductions, and submissions to HMRC.

9. What is the CIS, and who needs to register?

The Construction Industry Scheme (CIS) applies to contractors and subcontractors in construction. Registration is required if you work under this scheme. We can manage your CIS deductions, reporting, and compliance.

10. How do I start a business or form a company in the UK?

Starting a business involves selecting a structure (sole trader, partnership, limited company), registering with HMRC, and setting up financial systems. Our experts can guide you through the process, ensuring compliance from the start.

11. Can you help with financial forecasting and budgeting?

Yes, we specialize in financial forecasting, cash flow management, and budgeting to support your business’s growth and stability. Our services are designed to offer both short-term and long-term financial insights.

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