Accounts & Tax Returns

Hiring a professional accountant to handle your accounts and tax returns can save you time and stress and ensure that you’re always on the right side of tax and company law.

Whether you’re a sole trader, have a property business, are part of a partnership or have a limited company or trust, we can help you navigate your financial reporting requirements.

Not sure what allowable expenses you can claim to reduce profits?  There are more than you probably think, and they help to reduce your final tax bill, but claiming expenses that are not allowable can lead to penalties.  We can help you to minimise your risk of errors and stay compliant with regulatory authorities, as well as to identify opportunities to reduce your tax bill and provide insights into your financial health.

Let Bird’s Eye ABOS take away the stress and worry of compliance, so that you can focus on running your business or managing your personal finances.

Accounts & Tax Returns

Self-Assessment Tax Return – Do I need to file?

Anyone who receives income under the following circumstances must register with HMRC for Self-Assessment and submit a SA100 Tax Return:

  • Self-employment income >£1,000
  • Rental income > £10,000 before expenses and >£2,500 after expenses.
    • Net income between £1,000 and £2,500 must be reported to HMRC but doesn’t trigger an automatic obligation to file a tax return
  • Taxable savings or dividend income >£10,000
    • Savings income >£1,000 and dividend income >£500 must be reported to HMRC but don’t trigger an automatic obligation to file a tax return
  • Total taxable income >£150,000

You must also file a return if:

This list above details the most common reasons for having to register for Self-Assessment, but there are also other (less common) criteria not covered here.  If you’re not sure if you need to complete a tax return, HMRC has a useful tool to help you.

Failure to register for Self-Assessment or submit your return on time will lead to penalties, and HMRC will also charge interest based on the tax you owe.  We can help you avoid any problems, claim the maximum allowances and pay the correct tax.

Compliance stress ruffling your feathers ?

From sole trader, to limited company or trust, we can help you navigate your financial reporting requirements.