TAX
Self Assessment | Corporation Tax | VAT
Self Assessment
As a sole trader you will need to complete a self-assessment tax return detailing all your income and expenses. Late filing and payment can incur penalties and interest. At NPS, we can save you the time and stress by completing and filing the return on your behalf. This can be done on a fixed fee basis.
If you receive salary and dividends from your limited company, you will also need to prepare a self-assessment tax return. NPS will prepare your self-assessment tax return when you sign up to our limited company service for a fixed monthly fee.
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Corporation Tax
Corporation tax is paid by businesses in the UK, and is calculated on their annual profits.
As an owner of a Limited Company you will need to prepare and file corporation tax returns.
At NPS, we can do this on your behalf, helping to ensure you only pay what is required. This support is included as part of our fixed monthly fee Limited Company Service.
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VAT
If your turnover is over £85,000, you should be VAT registered. At NPS, we can help with the registration process, advise on your record keeping requirements, check your VAT transactions and prepare and file your returns on your behalf.
If you are in the construction industry, from 1 March 2021, there are new rules for accounting for VAT under the ‘reverse charge’ mechanism. NPS can help ensure compliance.
Even if your turnover is not over the threshold, there may be benefits to you registering. Get in touch to find out if this is of benefit to your business.
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