Year End Accounts & Tax

If you have been using our monthly service then producing your Year End Accounts is a quick and painless process.   Once we have had your twelvth envelope we will contact you with any final queries and produce your Year End Accounts as soon as possible.   We don't believe in leaving anything to the last minute; we think that you should have your Year End Accounts a matter of weeks into your new financial year, not just a couple of weeks before they are due.

Preparing your Year End Accounts in a timely manner means that you know how much tax you may have to pay months in advance of when it is due.  It also means that you can start focusing on the current financial year and not have to think back and answer questions about a transaction that may have happened over a year ago.

Companies can suffer heavy penalties if accounts are filed late at Companies House.  Make sure that doesn't happen by using one of our award winning accountancy packages.


Corporation Tax Return

Let Mazuma take care of your tax while you take care of your business.

If you run a limited company then it is likely that you will have to complete a corporation tax return. There are significant penalties for the late filing of corporation tax returns and knowing the various rules can be tricky.

Signing up for Mazuma's Purpleforce service ensures that your corporation tax return and computations are taken care of; meaning you can concentrate on running your business.

Fast Facts on Corporation Tax...

Registration

To ensure avoidance of penalties, companies should notify HM Revenue & Customs within 3 months of commencing trading which is normally done by means of completing form CT41G.

Filing Dates of Returns

The corporation tax self-assessment return (CTSA) must be submitted to HMRC along with the accounts and tax computations, although it is possible to file all this information online through the HMRC website.  The filing deadline for the CTSA return (plus accounts and tax computations) is normally 12 months from the end of the accounting period.  If the return is late there are penalties as follows...

  • Up to 3 months late - £100 (increasing to £500 for a third consecutive late return)
  • Over 3 months late - £200 (increased to £1000 for a third consecutive late return)
  • 18 to 24 months late - Extra tax geared penalty of 10% of the unpaid tax
  • More than 24 months late - 20% of the unpaid tax.

Payment Dates For Corporation Tax

This is usually 9 months and 1 day after the end of the accounting period for small companies. However large companies (£1.5 million of profits) pay under 4 quarterly installments, that commence 6 months into the accounting period, so they must use an estimate of their eventual tax liability for the year.  Companies that form a group may fall into the definition of "large" and be required to pay corporation tax by installments.  Interest runs on late payment.

Self Assessment Tax Return

Do not leave it to the last minute to do your self assessment tax return!

If you leave it until the end of January every year to do your tax return then you need Mazuma.  Signing up for our Purpleforce or Platinumforce accountancy package will mean that you never have to worry about the self assessment deadline again.

Fast Facts on Self Assessment

Self Assessment started in 1997, the idea being that taxpayers can easily complete their own tax returns.  The reality has turned out to not be quite so simple.

The tax year runs from 6th April to 5th April in the following year and under self-assessment it is up to the individual taxpayer to calculate their own tax liability and pay the tax due by the due date.

Who has to fill in a Self-Assessment Return?

The majority of people in the UK are taxed under PAYE and do not have to complete a Self Assessment tax return.  However, where you have income that is not taxed at source or may be liable to higher rate tax on income that has only had basic rate tax stopped, you will probably need to complete a self-assessment return.  It is your responsibility to notify chargeability to tax to HMRC.

The following people usually have to complete one:

  • Anyone who is self-employed;
  • A Company Director;
  • A trustee;
  • Pensioners with an annual income of £100,000 or more;
  • Employees or pensioners with an annual income from savings or investments of £10,000 or more;
  • An employee or pensioner with untaxed annual income of £2,500 or more;
  • A landlord who rents out property or land.

If you are unsure whether you need to complete one, please contact us for advice.