ACCOUNTING
AND TAX ADVISORY

Accounting for limited companies

The companies registered in Companies House as a Limited Company are the most often serviced in a comprehensive manner– it is the equivalent of a Polish limited liability company (Spółka Z o.o.) regulated by Company Akt 1985. It is a very popular and reliable form of business in:

UK

Europe

Across the globe

Our extensive experience in looking after financial books, preparation of accounts, tax returns and in contacts with government offices and tax institutions guarantees the highest standard of consulting services.

We place particular emphasis on ensuring a high level of communication with the client, through in-depth familiarization with the characteristics of the business and individual client needs. This allows for the use of appropriate accounting techniques, which optimizes the amount of costs in relation to the revenues earned, and thus the amount of taxes paid by the company.

We guarantee preparation of error-free financial and management accounts and timely delivery of any tax returns and statutory declarations – for which we take civil liability.

Our bookkeeping, accountancy and tax services include:

Keeping trade and tax books (revenues and expenses) in VT, Forbes, Quick Books and Xero – software compliant with all the tax office requirements
Keeping records of sales and purchases for VAT purposes on goods and services
Preparation for annual reports related to Corporation Tax, that comprises CT600, Tax Computation and statutory year-end accounts
Keeping contractor’s pay ledgers CIS300
Representation in offices and during tax inspections
Keeping PAYE employee records
Tax planning in relation to ownership transformations of company, sale or liquidation

Personal Income Tax Return

(income from self-employed activity)

The duty to provide HMRC with an annual tax return
is usually associated with the registration of the business
run on the self-employed basis prior to that.

Self-employed capacity (sole trader) is the simplest form of doing business in Great Britain. A National Insurance Number is now required to register as a self-employed person. The registration must be made no later than 3 months from the commencement of business activity. It is important to underline that a self-employed person remains financially responsible with all personal assets for the company’s obligation.

Self-employed workers are subject to personal income tax and must pay National Insurance contributions. Self-employed people can join in or form Partnerships. Registration for The UK Self Assessment followed by registration as a person receiving income from self-employed activity is only allowed for people residing in the UK. The most common span of Self Assessment declaration (tax period) is from April 6 to April 5 of each year. Declarations must be submitted to the tax office at latest by January 31 of the next calendar year. Therefore, starting from the end of the tax year, we have 9 months to prepare, submit the tax declaration and pay tax liability.

According to the UK tax law, in your Tax Return you are required to declare income from all sources that contributed to taxpayer’s personal assets
over the tax year. At the same time, you are allowed
to take advantage of any allowances and exceptions provided by the law.

Consultancy in this matter usually focuses on the following Personal Tax related issues:

Our company provides:

Instant refund of the overpaid tax thanks to the use of specialized software allowing the instant online submission
Customized for each taxpayer detailed profit and loss balance as well as other documents provided by law to facilitate later representation during tax inspections

Partnership Tax Return

As in the case of a Self Assessment for self employed, we provide error-free tax declarations related to income from Partnerships.

It should be borne in mind that, as a rule, British tax law does not impose a tax obligation on partnerships, instead imposes them directly on partners. From technical point of view only a certain (derived form partnership agreement) portion of taxable profit is being taxed on the particular partner’s Self-Assessment Tax Return rather than on the partnership tax return.

Are you going to set up
Partnership or LPP?