As accountants in Hammersmith we are asked how losses in a self-employed business are treated for income tax purposes that relates to Sole Trader or Partnership income. Hammersmith Chartered Accountants will explain how the law interprets to tax losses and how they are treated in tax law. This article will describe the way tax losses are treated and how they can be offset against other income in the same tax year or backdated against previous years profits or carried forward and relieved against future income tax profits.
Self-assessment is one of the methods that HMRC deploys to collect income tax. But the process can be confusing and time consuming for individuals and businesses. Unfortunately, if you do not file the returns on time, it can lead to costly penalties. At Hammersmith Chartered Accountants, we understand how complex the process is. So, we endeavour to spare you from the headache.
When you engage us, the first thing we do is to liaise with your bank, stockbroker and building society. They should help us gather the data required for your annual returns filing.Thereafter, we calculate the amount of tax you owe and file returns on your behalf. We also go a step further to advise you when the next payment is due. In some cases, we will advise on what needs to be done in the future to reduce the tax bill.
In the UK there are two basic residency types, i.e. ordinary and domicile residency.
Hammersmith Chartered Accountants has the experience and expertise to guide you through the maze that taxation can be. You need a deep understanding of the difference between residence and domicile. Read on, to discover how these apparent simple aspects of your life can mean a major shift in your taxation obligations in the UK.
There are a few things that are common in all businesses that succeed. They all put working financial systems in place when they open their doors. Also, most of them have a working and efficient monitoring systems in place. These are systems that enable them to keep track of all transactions that take place.
Are you planning to invest in properties either in the UK or Overseas? If yes, having an up to date piece of advice in as far as changes in property tax is concerned is critical. The latest raft changes in taxation policies have left many property investors exposed. A personalized tax adviser could come in handy. Luckily you have a friend that can work with you. It does not matter whether you are a property investor or developer. Hammersmith Chartered Accountants work with housing associations and construction firms. We also work with consulting engineers, chartered surveyors, and even real estate agents.
If you work or live in the UK, there are compliance issues that may arise if you travel out of the country. Also, corporates that expand in and out of the UK need to comply with tax requirements. At Hammersmith Chartered Accountants, we have the expertise and the experience required. We will ensure that you remain compliant. It does not matter whether you are an individual or a corporation. We manage and streamline compliance obligations. This is intended to enable you to focus on the core of your business.