The team will ensure your tax charge is managed and tax in other areas of your business affecting shareholders' wealth and employee benefits is minimised.
An efficient, cost effective compliance service assures the fiscal obligations of your business are met to the benefit of your business.
We offer a Self Assessment filing service for our clients and will make your tax filing as simple as possible.
Below are some relevant details for persons that are sole traders and the services we offer that may be relevant.
Self Assessment is the UK Tax Return for individuals.
Self Employed people and Sole Traders file their Year End Accounts by Self Assessment, this is part of the Income Tax system in the UK.
These are the main categories when you will need to register to file a Self Assessment:
You will need to register for Self Assessment if you know you have additional taxable income
Self-employed Sole Trader (no matter how small the income)
Profits from Property (or Land) Rental Income
Partner in a business partnership
Taxable Investment Income (eg. Savings and Investment Income)
We can register you for Self Assessment, please call 020 8801 3470 for more information.
Self Employed people are taxed on the Profits of their business under the Income Tax system, ie. not on the money they take out of the business.
Year End Accounts are prepared first. Tax on the business, along with other personal income, is then calculated as part of the Self Assessment process.
Class 2 National Insurance and Class 4 National Insurance are also payable, if your Profits are greater than the thresholds.
To summarise, if you have not registered your business as a Limited Company, you are regarded as being Self-Employed by HMRC and you will be taxed under the Income Tax rules.
Sole Trader Accounts are normally less detailed than Limited Companies
Income Tax is assessed in "Tax Years", which run from 6th April to 5th April the following year. For example the tax year 2015/16 runs from 6th April 2015 to 5th April 2016.
Your Year End Accounts must be filed, by Self Assessment, in paper form by 31st October, or online by the 31st January following the tax year just ended, ie. 5th April
We recommend that you start the accounts and tax process in good time. We also believe that your Year End Accounts should be prepared for your own benefit, and we will help you understand them.
Tax is frequently the only reason why businesses prepare their Year End Accounts. As a result it can be quite stressful and gets low priority. However, delays can be costly.
Penalties are charged by HMRC if a Self Assessment is filed late.
Income Tax must be paid by 31st January for the previous tax year. Eg, for Tax Year 2015/16, ended 5th April 2016, Income Tax is payable by 31st January 2017.
This UK.GOV link explains the options for paying Self Assessment.
Pay your Self Assessment tax bill, and includes HMRC bank account details if you are paying online, and the postal address if you are paying by post.
Please note that if your Self Assessment has been filed online, you will not receive a paper payment request by post.
For new businesses, the HMRC use "Opening Year Rules" to calculate the tax due.
These can be quite complicated, depending on how long a period is covered by your first set of Accounts. If your first Accounts period is 12 months, then you have a nice and neat "basis period", which will make the calculations easier. If your first Accounts period is not 12 months, then it is a little more complicated!
To keep it simple, we recommend that your business accounts are made up to 5th April each year.
Our Services can save you the time and the hassle. We will prepare your Income Tax calculations and Self Assessment and submit them to HMRC.
Our Tax Services also include: • VAT • Payroll / PAYE • P11D • CIS
Value added tax is one of the most complex tax regimes imposed on businesses - so complex that many businesses and not-for-profit organisations inadvertently overpay or underpay VAT.
The ever widening scope of VAT, the constant stream of detailed changes to the regulations, and the ever growing demands of Customs and Excise call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay the Exchequer more than you need to.
“We are a specialist provider of IT skills for small businesses, public sector bodies, charities and the community groups. We found that our VAT and tax position were adversely affecting our business performance. Moracle has made a real difference to our financial stability by delivering hands-on help with our VAT and tax and putting in place finance processes and procedures”
“Moracle had been providing us with a range of business support services to help us run our day-to-day and longer-term financial management. This has included a weekly visit by a dedicated accountant from Moracle who performs the high-level finance duties for us. We have also benefited from having one of Moracle Foundation’s volunteers working with us”
“We have been working with Moracle on improving our tax planning and putting processes in place to ensure that our business is on a sound financial footing. We really appreciate the importance that Moracle places on working closely with us and we regard them as a partner, helping us make the right decisions so that our business can grow”
“Moracle has been instrumental in helping us improve the general level of finance knowledge throughout our organisation. This is particularly important given the possible impact of government cuts in the area of social services which would affect both our clients and ourselves. We see our relationship with Moracle as integral to our on-going financial health”
“Moracle not only assisted us in preparing our financial statements and filing them with the Charity Commission, they also assisted us in completing our Charity's Annual Return. Being a new charity, they have provided us with invaluable support to ensure the charity establishes robust financial controls and that our activities are compliant with government regulations. We have found Moracle to be amiable and professional in their dealings with us. I therefore have no hesitation in recommending that you appoint Moracle as your Independent Examiners.”
“I have known this company for many years and their capacity as accountants. They produced the yearly accounts firstly for our private convent school and after the closure of the school for the convent itself which is a registered charity. The Trustees have always been entirely satisfied with his services and found him extremely helpful and reliable, and we have valued his advice. They are moreover very considerate, polite, and easy to work with. I feel sure this company Moracle Ltd will serve you well as Independent Examiners and Accountats and I therefore have no hesitation in recommending them to you.”