INCOME TAX & VAT
Income Tax is the Tax on Income. There are certain allowances that lead to reducing the amount you are taxed among,also not all income is 'taxable'.
Preparation Tax Returns
We are here as Accurate Accountant to prepare all your documents and ready for the calculations of your tax return. If you or your business is missing any documents we are ready to request these documents for you. your page. We are here to help as professionals with incomplete tax documentations.
We make sure that we stick to the strict time limit within taxation. As an accountant we are ready to prepare your calculations and give you estimate figures.
Preparation Tax Computations
A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax.
Tax adjustements could involve many aspects,such as:
-further deductions etc.
This statement shows the adjustments to net profit and loss for a company for the amount of income that is chargeable on tax.
Companies are required to submit a tax computation annually.
Preparation of VAT Returns
As a company we will prepare your vat return from the records provided using our knowledge and experience to claim the right amount of VAT. This process is known as a simple tax therefore it can get very complicated and linked to your companies bookkeeping service.
VAT is calculated every end of period and this is usually every three months.At the end of the year this return to HMRC will tell you and HM Customs:
- How much your company has charged customers as well as how much you owe to HMRC.
- How much VAT your company is entitled to claim back
- Total amount of sales and purchases the business has made
- The amount of VAT you must pay to HMRC