It is a requirement that every business prepares tax computations based on their annual accounts which must be filed with the tax authorities when tax returns are submitted.
By including tax relief for all relevant expenses and capital expenditure these computations can reduce your business' corporation tax liability. They also ensure that your business pays the correct amount of tax by excluding any spending which is disallowed by the tax regulations.
There are a variety of additional tax returns which businesses must complete and file with the HM Revenue & Customs each year in connection with PAYE, National Insurance and VAT.
Heavy fines and penalties can be imposed if your returns are not accurately prepared or filed on time.
With HM Revenue & Customs' ever increasing revenue targets, it is a fact that businesses are now more likely than ever to face an enquiry. Please ask us about our 'Tax Compliance Service' for peace of mind in the event of your business being subjected to the high costs associated with a tax enquiry.