Accountants for Individuals Annual return

Tax return Accountants for Individuals

Accountants for Individuals

Filing an annual tax return is compulsory if you meet the criteria. 31st Jan is an important date, and you must register by the 5th October.

Find out more

Sometimes it’s good that if someone could keep an eye on your personal finances so that expenses which provide tax benefits, correct payment of card bills, investments etc can be taken care of. You can either have a professional or certain technologies do it for you. Also, sometimes you can combine both to work it out.

Regarding the accountants, let see what services that are essential for you are.

What is Self-assessment Filing?

The self-assessment system is system made for revenue and customs to collect the Tax. This particular system also helps you to file your tax return, pay your bill etc.

There is a systematic method to file your returns, deadlines and process of filing your return which is all available with specific instructions in the government website. If you set up as a limited company your filing date is 9 months after your accounting period ends. If you decide to operate as sole trader then you must register latest by 5th October in the second tax year. Your filing dates will be 31st October, if you are filing a paper based return or if you decide to submit electronically then you have till the 31st Jan.

It would be much easier if an accountant could do it for you which are why it’s important to have one.

Do you need Tax advice?

As we know allowable expenses are deductible from the companies profits. For such expenses you need not pay any tax. However to stay aliged with HMRC rules, you need to know what is allowed and disallowed. Hence you need to get an accountant as a Tax advisor who can help you with these essentials.

Type of accountancy services for Individuals

The services available to the individuals purely depend on whether the company is self-employed or whether it is limited. There are 4 types mainly available to any individuals. This includes the following –

· Bookkeeping- Helps you keep a daily record of how the business is run.

· Business Credit management – To maintain good credit points, there are services provided to manage your business credits.

· Income Tax Services – Tax filing, keeping up with deadlines,

· Update your books — Its important to update your computer or books so that all important information is stored without fail.

Choosing an online accountant

Choosing a correct accountant is not easy since it is like you are choosing a business partner. You need to trust the person with you finances and at the same time trust the advice given by them

· Search for the person in Google and see if they are qualified and certified.

· Also see if the person has good experience.

· Connect through social media and know about the person.

Choosing the Right Accountants 

A lot for services are found in London, but you need accountants with diverse quality. Firstly see that you go to the website and read all services provided and all the cost per month. Check for trustworthy and budget friendly company offering help to the customers. Check their experience as they should know how to prepare documents and submit to HMRC. See that they are a good match for your business.

GM professional accountants have offices in London, Manchester and Essex.

Find out more