Copyright 2016 © All rights reserved.
IWA Services Limited
Institute of Certified Practising Accountants
Administration -:- Book-Keeping -:- Taxation -:- Annual Accounts -:- Compliance
IWA Services Ltd
162 Dock Street
Tel: 01253 976168
Two ‘dreaded’ words but necessary this day and age! Taxation services are generally aimed at the self employed (and partnerships) including those renting out property, freelance workers, sub-contractors and so forth. However, if you are a pensioner and have income exceeding your Personal (tax free) Allowance, you will have to provide HM Revenue & Customs with details of your income by way of an annual Tax Return - and for partnership’s the annual Partnership Tax Return.
Income for tax purposes includes wages/salaries, taxable benefits, interest and dividends on savings and investments, pension income (including State Pension), business profits, rental income and income form a variety of other sources - including from overseas. Correctly reporting all this can be a nightmare, and if you get it wrong you could be in line for one of HMR&C’s infamous penalties!
Companies are required to file similar information for Corporation Tax purposes and along with the filing of the accounts with Companies House, this is termed ‘Compliance’.