INDIVIDUAL
If you are a self-employed person such as a freelancer or the owner of the company, director of the company and landlord then you are liable for the income tax according to the income tax laws of the UK.
Entrepreneurship is the most successful way of earning a financial and non-financial reward. The financial reward is in the form of profit and non-financial reward is in the form of authority and decision making. It is a luxury to be an entrepreneur but you have to be very much flexible while dealing with tax and record-keeping issues.
All the filing of tax returns has been done by keeping the mind the rules and regulations regarding tax matters.
Self-employment Checklist
If you want to run a stable setup then, you need to ask a few questions by yourself.
- Complete your registration process in compliance with the regulations of HMRC.
- Get permission from the relevant regulatory authorities.
- Must know the business rates and well of exemptions
- Well aware of the PAYE scheme if you are employing someone.
- Must do registration with VAT if you want any sort of early turnover.
- Must have a suitable record-keeping system to avoid any trouble.
- Complete all the paperwork to and ensure to fulfill all the copyright and patent laws to get early stability.
Services available but not limited to
- Accounts & Bookkeeping
- Profit and Loss
- Cash flow
- PAYE registration and payroll run
- VAT returns
- Completion of tax returns
- Calculation of tax liability
- Filing returns
- Payment plans
Our service will provide you to continued access to expert knowledge whenever you need it, helping you grow your business and focusing your time on what you do best
Self-Employment Registration
It is a good strategy to start your business as a sole trader, it gives you flexibility, but it also has few financial restrictions and you need to tackle all matters very smartly. In case anything goes wrong the sole trader is personally liable to pay all the debts owed by his business.
Siddique & Co Chartered Certified Accountants delivers expert service and manage all your accounting issues like financial accounts, PAYE, VAT etc. We feel proud to grow your business and consider our client as a business partner. The prime goal of our experts is to deliver quality service and maintain a long-term relationship with customers. Moreover, you can benefit from our free advice.
Self Assessment
For most people doing their Self Assessment Tax Return is something they dread. Some though may be blissfully unaware that they even need to do one. Whatever the scenario, if you don’t complete one and you should or are late, then you are at risk of severe financial penalties.
In addition to the financial penalties, late submission of a tax return is known to increase the chances of an enquiry from HMRC and may invalidate any insurance taken out to cover the costs of such an enquiry.
Why would you need to file a tax return? You are likely to need to file a return if:
- Your taxable income was over £100,000
- You have savings over the HMRC allowance
- You receive untaxed income not collected through a PAYE tax code
- You own land or property that is being let
- You are a director of a UK company
- You are self-employed or operating as a partner of a partnership or LLP
- You have income from overseas
- You lived abroad and had a UK income
- You are a trustee or Minister of religion
- You or your partner receive child benefit and your income is over £50,000
Some employed individuals and pensioners may also need to file a Self-Assessment Tax Return depending on circumstances.
Our team of professional accountants have a wealth of knowledge, experience, and understanding which give you a peace of mind that you are in safe hand.
Payment Plans
We offer flexible payment plan that suits your needs. Please do not hesitate to speak to us if you are facing any financial difficulty. We want you to continue access our expert knowledge whenever you need it. We help you grow your business and focus your time on what you do the best.
Personal Tax Planning
It is difficult to keep up with the ever changing UK tax laws. Siddiqui and Co Chartered Certified Accountants feel proud to manage your complex tax issues and give expert tax planning advice.
Having a vast experience of client dealing, our experts are willing to provide you a peace of mind by an efficient tax planning so that you minimise your tax liability.
Tax Investigation
HMRC has the right to check your affairs at any point to make sure you’re paying the right amount of tax. If your business is selected, you’ll receive an official HMRC investigation letter or phone call in which they’ll tell you what they want to look at.
There are several reasons for the inspection of businesses. It could be any variation in the previously reported figures ranging from business turnover, an awkward overhead or some un-expected tax relief claim on your tax return.
If you are under investigation by HMRC or wish to make a voluntary tax disclosure, our tax specialists having wealth of experience in dealing with tax Investigations voluntary tax disclosures, can manage the full process on your behalf or advise you on the best strategy to approach.