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At Vertice Services, we make managing your tax returns simple and stress-free. Let our experts handle the complexities while you focus on what matters most.
Filing your tax return can be a daunting and time-consuming task, especially when you’re also running a business. From understanding tax laws to gathering the right documents, it’s easy to feel overwhelmed. At Vertice Services, we simplify this process by offering professional support that ensures your taxes are filed correctly and on time, saving you both time and stress.
Let Us Help You Navigate the Complexity of Tax Returns.
At Vertice Services, we streamline the tax return process. Whether you’re a business owner or a sole trader, we ensure your tax return is completed accurately and on time. Our system is easy to use – simply keep your details updated, and we’ll handle the rest. We’ll send you a detailed copy of your return, with clear information on what you need to pay and when, well before the deadline.
Vertice Services makes your tax return process smooth and hassle-free. Here’s how it works:
We’ll provide a detailed breakdown of your return, including what you owe and when to pay, so there are no surprises.
Filling out a tax return can be overwhelming and time-consuming, especially with complex regulations and constantly changing tax laws. An expert can save you time and ensure accuracy, helping you avoid costly mistakes and penalties. At Vertice Services, we handle the details so you can focus on running your business and living your life without tax worries.
Avoid Stress and Save Time with Expert Assistance.
“Vertice Services makes tax returns effortless. I never worry about deadlines or penalties anymore.”
– John D., Business Owner
Tax returns are not only for business owners. There are several categories of individuals and entities that must file a tax return annually. Whether you’re self-employed, earn over a certain threshold, or receive income from rental properties or abroad, filing your tax return is essential. Let’s ensure you’re compliant and avoid any penalties.
It’s Not Just for Business Owners.
Whether you're a sole trader or run a company, you must file your tax return.
If you earn more than £150,000, you need to report your income.
If your partner earns over £60,000, you may need to pay some or all of the child benefit back.
Individuals with income from rental properties, overseas income, or unpaid taxes from the previous year.
A Tax Return is an annual process in the UK that requires you to report your income and earnings to HMRC (His Majesty’s Revenue and Customs) for the tax year, which runs from 6 April to 5 April the following year. This includes income from employment, self-employment, investments, pensions, rental properties, and other sources. The purpose is to calculate whether you have paid the correct amount of tax, need to pay more, or are entitled to a refund. For those who are self-employed, company directors, or have additional income streams, Tax Returns are typically submitted via the Self Assessment system, an online platform provided by HMRC. Completing your Tax Return is not only a legal requirement but also an opportunity to review your finances and ensure you are not overpaying tax. Mistakes or omissions can lead to severe penalties, so many individuals choose professional assistance to ensure accuracy and compliance.
Not everyone in the UK is required to submit a Tax Return. If you are employed and your taxes are deducted automatically through the PAYE (Pay As You Earn) system, you may not need to file one. However, you must file a Tax Return if:
You may also need to send a tax return if you have any untaxed income, such as:
The deadline for submitting a Tax Return in the UK depends on the method you choose. If filing on paper, the deadline is 31 October. For online submissions, the deadline is 31 January following the end of the tax year. For instance, for the tax year running from 6 April 2023 to 5 April 2024, the online submission deadline is 31 January 2025. If you owe tax, the payment must also be made by this date. It’s crucial to plan ahead to avoid delays or late filing penalties, as HMRC imposes an immediate fine of £100 for late submissions. Errors in your return can also lead to extended processing times and additional charges.
Missing the Tax Return deadline triggers an automatic penalty of £100. Additional penalties apply the longer you delay:
To complete your Tax Return accurately, you’ll need the following documents:
Organising these documents in advance and keeping both digital and physical copies ensures you avoid errors and penalties during the filing process.
While it is possible to complete your Tax Return yourself, hiring an accountant is highly recommended for individuals with complex financial situations, such as the self-employed, company directors, or investors. A professional accountant can ensure accuracy, identify all eligible deductions, and help you avoid costly errors or penalties. Additionally, they can liaise directly with HMRC on your behalf, saving time and stress.
The Self Assessment system is used by HMRC for individuals to report income and calculate taxes manually. It applies to self-employed workers, directors, and those with income not taxed at source. To use the system, you must register with HMRC and obtain a Unique Taxpayer Reference (UTR). Through the online platform, you can submit your Tax Return, calculate your tax liability, and pay any taxes owed efficiently and securely.
In the UK, you are required to retain records for at least 5 years after the filing deadline. For example, if you submit your return for the 2023/2024 tax year on 31 January 2025, you must keep the supporting documents until at least January 2030. This includes receipts, bank statements, and other evidence used to support your Tax Return. Keeping clear, organised records can save time and trouble in the event of an HMRC audit.
Whether you’re ready to get started or have questions about your tax return, our team at Vertice Services is here to provide expert advice and assistance. We simplify the tax return process, ensuring that everything is done correctly, on time, and with minimal stress for you. Reach out today to discuss how we can help you meet your tax obligations.
We’re Here to Help You Every Step of the Way.
