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We are accountants and tax advisers offering reliable and low cost services to individuals and small businesses, offering a range of services to assist you with your business. By choosing our services you get a guarantee of professionalism and security. We make it our objective to understand our clients' industry to better support them and understand the challenges you may be face from an accounting perspective.
Eurotax West is a certified accounting and tax advisory service based in Hammersmith, London.
We have been operating for over ten years and have kept a consistent client base throughout this period. We focus on providing a quality service for our clients and tailor to their needs.
This will depend on your circumstances and what kind of tax you are expected to pay.
HMRC has many useful links to start with:
Trading through a limited company can be a great way to save tax and provide limited liability status. It is also seen as more prestigious by some clients. However, with these advantages come obligations.
Directors must regularly submit financial statements and accounts to Companies House, containing information about profits, assets and liabilities. Every company must also submit a Confirmation Statement and list of changes to the company’s general information. Every trading business must submit reports and a Corporation tax return to HMRC each year, containing information regarding profits and various elections. Following the end of the tax year, an Employer’s return must also be submitted if payments were made to directors and employees.
A tax return is a form on which you report details of your income and claim any expenses, allowances or reliefs. Based on the information given, HM Revenue and Customs calculate the amount of tax payable by you.
You must send a tax return if, in the last tax year (6 April to 5 April), you were:
self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
a partner in a business partnership
earned more than £100,000 from wages
You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:
money from renting out a property
tips and commission
income from savings, investments and dividends
If you have subcontractors working for you, it is necessary to pay them according to Construction Industry Scheme (CIS) rules. We can take care of the returns and prepare statements for the subcontractors.
31 October: All paper returns
If you send in a paper tax return, it must reach HMRC by midnight on 31 October.
31 January: Online returns
If you send your tax return online, it must reach HMRC by midnight 31 January. Note, the deadline is earlier if you owe tax of less than £2000 and you want HMRC to collect it by reducing your Pay As You Earn (PAYE) tax code next year. In this case you need to send your tax return online by 30 December instead.