Self-Assessment & Partnership Tax Returns
Whether you are a sole-trader, contractor or a company director, we can assist you with the preparation and filing of your Self-Assessment Tax Returns. The tax year runs from 6th April to 5th April and tax returns must be submitted with any tax owed no later than 31st January of the following year.
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Self-Assessment & Partnership Tax Returns
Double Point provides Accountancy Services to companies, sole-traders and partnerships of all sizes. Drawing on extensive experience at the world’s biggest accountancy firms, we have leveraged our practice to help businesses adhere to regulatory deadlines, sustain growth and increase performance.
These chartered accountants believe accountancy should be simple and take pride in promoting financial literacy. We believe that all entrepreneurs and business owners should be financially literate in order to achieve their maximum potential in their desired field.
Self-Assessment is a system used by HMRC to collect income tax from individuals. Employees typically have their income tax deducted automatically from their employment income. However, self-employed individuals; a partner in a business partnership; high earners and/or individuals with other types of income must submit a tax return. Other types of income can include pensions, income from savings, investments and even COVID-19 grants and support payments.
HMRC enforces strict deadlines so it is important that you file your tax return on time. Failure to do so will result in late filing penalties and you will also be charged interest on late payments. In order to fill in your tax return correctly, it is crucial that you keep accurate records such as receipts or bank statements.
At Double Point, our expert accountants can assist you with the preparation and filing of your Self-Assessment tax returns, whether you are a sole-trader, contractor or company director. Not only will we ensure that your tax return is filed correctly and accurately, we will also make sure that it is completed within the deadlines outlined by HMRC. This will help you avoid having to pay interest and any penalties due to not filing or paying on time.
HMRC must receive your tax return and any money owed by the deadline which is the following 31 January after the end of the tax year.
A partnership refers to a formal arrangement between two or more parties to manage and operate a business. The partners are jointly responsible for all aspects of the business and share in the profits. Partnerships are required by law to complete and submit a self-assessment tax return to HMRC.
Therefore, if you are running a business with other individuals, you must file partnership tax returns which will include information about your profits, losses and other income allocated to the partners according to their profit share entitlement. Please note that in addition to submitting a partnership tax return, you will still need to file your own individual Self-Assessment tax return.
The deadline for the partnership tax return is the same as the Self-Assessment deadline. Missing these deadlines and filing your tax return late will result in you being issued with a penalty by HMRC.
At Double Point, we have extensive experience filing tax returns for partnerships in simple to complex scenarios and have a competent team of chartered accountants capable of computing and preparing your return in the most tax efficient way. We will then ensure that this is done in a timely manner to meet the deadline so that you will not incur any late filing penalties or fines.
We have extensive experience filing tax returns for partnerships in simple to complex scenarios in the most tax efficient way, in addition to preparing and filing self-assessment tax returns. We can assist you with preparation and filing whether you are a sole-trader, contractor, company director or part of a Partnership.
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Frequently Asked Questions
Everything you want to know about DoublePoint Accounting services
It can be tricky to accurately and correctly file your tax returns yourself, especially since HMRC enforces deadlines on filing. Why not leave it to the Double Point experts? We can take care of it for you whether you’re an individual who requires a self-assessment or you are in a Partnership.
We will determine what your tax return needs are, whether you’re a sole-trader who needs a self-assessment or are in a Partnership. Our team will consult with you to discuss your needs and then accurately prepare and file your tax returns depending on your requirements.
HMRC enforce deadlines on submitting tax returns – our Chartered Accountants can ensure that these are filed in a timely manner, preventing you from incurring late filing fees.