IWA Services Limited

Institute of Certified Practising Accountants

Administration -:- Book-Keeping -:- Taxation -:- Annual Accounts -:- Compliance

IWA Services Ltd

Suite 15

162 Dock Street

Fleetwood

Lancashire

FY7 6JB


Tel: 01253 976168


Email: info@iwaservices.co.uk


TAXATION

& COMPLIANCE


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’.