Tax Returns

& Year-End Accounts

Let's talk about your tax returns.

Corporate Tax Returns and Accounts

A company’s revenue tax is based on their profits for each accounting year. To get this important tax amount, they will use your year-end accounts. This is because year-end accounts often include a profit and loss account as well as balance sheet statements. These must be done each financial year-end which is the date when your accounting period ends.

For companies, the first accounting period begins as soon as you are incorporated. It then ends no later than 18 months from incorporation. After this initial period, all subsequent accounting periods occur on an annual or 12-month basis. 

As an incorporated company, you will need to send your year-end accounts to the CRO. There, they will be publicly available and used to get your credit terms as well as attract any investors. Filing late returns does result in penalties and interest will be charged on any tax paid late. Therefore, it is important to meet your deadline which will always be decided by your company’s annual accounting date. Sometimes, companies can need help in ensuring your accounts are properly prepared following accounting standards. With my expert accounting solutions, I ensure all tax returns are filed correctly and that you are claiming everything you are entitled to as a business.

Individual Tax Returns and Accounts

If you receive any additional income that is not subject to PAYE, you will need to file a self-assessment tax return. Understanding all the regulatory legislation for tax returns however is not always the easiest. I consider the unique needs of each client by working directly with individuals, enabling them to trust me with reliable and efficient tax returns. 

By using my accountancy services, you can trust in me to ensure your personal taxes follow law and legislation, helping to avoid penalties by submitting all necessary documents in time. I will also ensure that all entitled tax relief is claimed, giving you that extra reassurance that you are getting the best out of your taxes.

Why and When Do I Need to File A Tax Return? 

The most basic reason you will have to file a tax return is that you receive income outside PAYE. If you're not sure if that qualifies as you, here's a brief list of the most common types of peoples who are required by Revenue to file a tax return:

◉ Self-Employed

◉ Business Partners

◉ Freelancers

◉ Contractors

◉ Company Directors

◉ Landlords or anyone who has land to let

◉ A person with large amounts of income from savings or investment, including bought and received shares

◉ A person who has given an asset away, like some shares or a holiday home

◉ Any income from abroad (even if you've already filed in that other country)

If you're not sure if you qualify for a tax return, it's always best to find out. Otherwise, it could have legal repercussions.