What tax filings do you help prepare?
Payroll:
- Each time you approve a pay run by the cut-off we show, 1st Money files your RTI submission to HMRC on or before payday.
- We file as the employer on your instructions, never as your agent, so no Agent Services Account is involved.
- Paying HMRC what's owed is down to you.
VAT returns:
- VAT returns are a £19/mth add-on if you're VAT registered.
- We prepare the return in your own software and tell you what's owed and when.
- You press submit yourself, signed in with your own credentials.
- Paying VAT is down to you, the same as your payroll taxes.
MTD for Income Tax:
- Making Tax Digital for Income Tax quarterly updates are a £19/mth add-on if you're a sole trader or landlord who's been brought into it.
- We prepare each quarterly update in your own software and tell you when it's due.
- You press submit yourself, signed in with your own credentials.
- Paying Income Tax is down to you.
Annual accounts:
- Annual accounts and your annual tax return are included in Monthly Bookkeeping.
- For a limited company that's your Corporation Tax return.
- For a sole trader, a partnership, or an LLP it's your Self Assessment return, included at no extra cost.
- We prepare them and show you everything before anything is submitted, and you approve it.
Financial year-end checklist:
- We'll send your financial year-end checklist within 5 working days of your financial year-end.
- Return it complete within 30 days. We'll then deliver your year-end reports at least 3 months before the earliest of your filing and payment deadlines. That leaves time to review them, approve them, and arrange payment.
- For a limited company or LLP that earliest date is your Companies House accounts deadline, 9 months after your financial year-end.
- For a sole trader or a partnership it's your Self Assessment deadline of 31 January.
- It's a target we work to rather than a guarantee, and meeting the deadline stays your responsibility.
Personal returns:
- A sole trader never pays extra, because their business return and their personal return are the same document.
- A partnership gets its partnership return covered and one partner's personal Self Assessment included, and further partners are available at £9/mth each.
- An LLP gets its partnership return covered and one member's personal Self Assessment included, and further members are available at £9/mth each.
- A limited company director's personal Self Assessment is a different return from the company's, so that one's available for £9/mth too.
- Forgot to add the monthly add-on before your financial year-end? A standalone one-off return is £149/yr.
Who submits: We prepare everything and you submit it.
- A limited company submits its Corporation Tax return and its Companies House accounts using commercial filing software. We'll tell you which software to submit with and show you exactly what to do.
- A sole trader submits their Self Assessment return through HMRC.
- A partnership or an LLP submits its SA800 partnership return using commercial filing software, because HMRC's own service doesn't accept it. An LLP also files its accounts at Companies House the same way. We'll tell you which software to submit with.
- Paying what's owed is always down to you.
www.1st.money/uk/help/Bookkeeping/What_tax_filings_do_you_help_prepare
