{"id":582,"date":"2020-07-07T14:31:35","date_gmt":"2020-07-07T14:31:35","guid":{"rendered":"https:\/\/www.accountly.co.uk\/?p=582"},"modified":"2020-07-07T15:13:40","modified_gmt":"2020-07-07T15:13:40","slug":"tax-returns","status":"publish","type":"post","link":"https:\/\/www.accountly.co.uk\/tax-returns","title":{"rendered":"Tax Returns Explained"},"content":{"rendered":"

Businesses must complete an annual tax return<\/a>, which gives details of their taxable income, and any capital gains if appropriate. It also allows them to claim tax allowances and tax reliefs should they be eligible.<\/p>\n

A tax return is essentially your way of declaring your income to HM Revenue and Customs (HMRC<\/strong>), so they can let you know how much tax is due. Whether you are a sole-trader, partnership or limited company<\/a>, you must complete some form of return.<\/p>\n

Like it or not, they play a huge part in the running of any business. Not only do tax returns involve a lot of work and organisation, but they can also be incredibly time-consuming and keep you away from valuable business tasks despite being an annual requirement.<\/p>\n

Thankfully, accountants exist to help you with issues just like these. Unless your finances are completely clear, in order and straightforward with a complete bookkeeping record<\/a>, you may want to seek help.<\/p>\n

The online accountants who we feature all use software to make working out tax much easier and show you real-time data and calculations, due dates and time periods. This is compliant with Making Tax Digital obligations which came into force in 2019.<\/p>\n

When Is A Tax Return Due?<\/h2>\n

A tax year runs from 6 April one year to 5 April the next. The tax return will take into account all of the income between these dates.<\/p>\n

The return deadline is usually 31 January following the end of the tax year for online forms, and 1 October following the end of the tax year for paper versions.<\/p>\n

How An Accountant Can Assist With Tax Returns<\/h2>\n

Making your life a lot easier and hassle-free is a huge reason why outsourcing tax return assistance using an online accountant<\/a> is a great idea, but it isn\u2019t the only reason:<\/p>\n