At the end of every tax year, small business owners struggle to get tax returns filed correctly and on time. The fact that the UK has one of the largest and most complicated tax codes in the world doesn’t help. There are endless rules and details to worry about, even for the simplest of business operations. As a small business owner, you need the services of a company like i-CAS to help with your tax returns.
You will need to file a tax return if you are self-employed or involved in a partnership; company directors are also required to file tax returns. Other circumstances requiring tax returns include:
- having untaxed investment or savings income
- having taxable overseas income
- owning commercial or residential rental property
- having sold or given away a sizeable asset
- living or working abroad without non-resident status
- receiving child benefit with an annual income of more than £50,000.
Expecting HMRC to advise you on the best way to reduce your tax liability is a fool’s errand. Your best bet for sound tax advice and tax return preparation is i-CAS.