Taxation is an area of business that many people worry about but MGM & CO can make the whole process hassle-free. As expert tax consultants, we can help with business tax returns, personal tax returns (self-assessments) and tax planning to maximise tax efficiency for you and your business.

Taxation for businesses is a more complex area and dealing with it depends on how your business is legally structured, its revenue streams, assets structures etc.

Regardless of how small your business might be, we can help with a professional tax service you can rely on. You’ll never have to worry about missed deadlines again, as we can ensure that your personal and business tax returns are prepared and submitted on time, every time.

Self-assessment tax returns

Our affordable small business accounting services mean it’s easy to get knowledgeable help to file your return for self-assessment on time and with complete accuracy. If you’re paid through salary or wages, your employer will report your earnings directly to HMRC and deduct income tax through PAYE system, however if you receive your earnings from other source (s) you’ll need to report it to HMRC yourself, under self-assessment tax returns system.

As a general rule of thumb, if you fall into any of the following categories, you’ll need to complete a self-assessment tax return:

  • You are a self-employed
  • You are a partner in a partnership
  • You are in receipt of income from property or land
  • You have investment or savings income
  • You have a Capital Gains Tax (CGT) liability (arising on disposals of chargeable assets)
  • You are a company director and / or a shareholder
  • You are in receipt of income from overseas
  • Your joint household income is in excess of £50,000 and you received Child Benefit

This is NOT an exhaustive list and should be taken just as some examples of income sources. To check whether you need to complete a self-assessment tax return or to find out more, contact us here at MGM & CO.

VAT (Value Added Tax)

We can prepare and file your monthly, quarterly or annual VAT returns using the new MTD systems, advise on different VAT schemes available / most suitable for your business circumstances. Our services also include registration and deregistration for VAT purposes.

In a nutshell, we can provide assistance with tax planning, enabling you to become more tax-efficient as well as ensuring you meet all your legal obligations. With us you can not only get access to chartered certified accountants, but services of chartered tax advisors can also be made available to you, all at affordable fixed costs.

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