Operating your business through a limited company can have lots of advantages; however, it does come with a requirement to produce a set of accounts each year that you can send to Companies House and to Her Majesty's Revenue and Customs (HMRC).
These accounts are more complex than the simple turnover, expenses and profit statements that a sole trader can provide. An accountant will take away the burden of producing these more complicated accounts and will explain in plain English exactly what your tax liabilities under corporation tax will be.
An individual has to submit a Self Assessment Tax Return to HMRC every year if they have more than one source of income or any other source of income other than employment.
When it comes to self-assessment tax returns Liverpool businesses generally prefer to use the specialist services of professional accountants for peace of mind, tax-efficient scheme maximisation and to outsource the time and complexity of managing financial accounts and tax burdens.
MJF Accountancy provides a high-quality personal financial service within the Liverpool, Greater Merseyside and wider North West area. As Liverpool personal tax returns specialists, we can provide our clients with a top-quality service that helps sole traders and businesses to meet their tax obligations.