To get started with Think Tax Return's services, simply contact them to schedule a free consultation. They will assess your tax situation and provide you with a quote for their services.

Think Tax Return provides a range of tax return services, including self-assessment tax returns, corporation tax returns, VAT returns, and more.

The documents you need to provide will depend on the type of tax return you need to file and your specific tax situation. Think Tax Return will provide you with a checklist of documents and information they need to complete your tax return.

The deadline for filing a tax return in the UK is January 31st of each year for the previous tax year.

Think Tax Return is a tax return company based in London that provides tax return services to individuals and businesses.

If you miss the tax return deadline, you may be subject to penalties and interest charges. Think Tax Return can help you file a late tax return and minimize the impact of any penalties or charges.

Yes, you can file your tax return yourself if you have the time and knowledge to do so. However, using Think Tax Return's services can save you time, reduce the risk of errors, and ensure that you are claiming all the deductions and credits you are entitled to.

Dividends are payments made to the shareholders of a company from the company's after-tax profits. The amount each shareholder receives depends on how much of the company they own. Shareholders usually have to pay tax on their dividends. The amount of tax depends on their total income, and how much of that income comes from dividends. The first £2,000 of dividend income is tax-free. After that, dividends are taxed at different rates depending on how much you earn. Shareholders must declare their dividends to HMRC as personal income. If they earn less than £10,000 in dividends, they can do this over the phone. If they earn more than £10,000, they must file a tax return. Once a company's accounts are finalised, it will be clear how much profit is available for dividends. For directors, it's often best to take profits as dividends rather than leaving them in the company. This is because dividends use tax-free allowances and lower tax rates. If the company needs to keep the money for investments, a director's loan can be made. It's important not to overdraw this loan account. Another way to take money from the company is to pay yourself a small salary. This can be tax-efficient and can help you use your personal tax-free allowances.

HMRC allows businesses to claim expenditure that is "wholly and exclusively" for business purposes. This means that the item or expense should not have any personal use, and there should be no partial expenditure for the proportion of business use. There are several HMRC allowances that businesses may be able to utilize. For example, employees (including directors) who use their home for business purposes can receive a tax-free payment of £6/week. Sole traders working from home can also claim a monthly flat rate based on the number of hours they use their home for business purposes. When it comes to mileage, employees and directors can be paid 45p/mile for the first 10,000 miles and 25p/mile thereafter for business miles travelled in their personal vehicle. Costs of entertaining employees and directors can be claimed as a business expense if all staff members are invited and the aggregate event costs, including VAT, during the tax year are less than £150 per person. The cost of a mobile phone or mobile phone contract purchased by the business for employees (including directors) is also tax-deductible. Additionally, benefits provided to employees that cost £50 or less (including VAT) are tax-free, as long as they are not cash or cash vouchers, rewards for work, or part of the employee's contract. However, trivial benefits cannot amount to more than £300 in a tax year. For more information on these allowances and other items that may be claimed for, please visit the HMRC website or consult with a tax professional.

The Directors Loan Account (DLA) is a record of any money that a company owes to or has borrowed from its director. It also includes any expenses that the director paid for on behalf of the company. If the DLA shows that the director has loaned money to the company, the balance can be paid back to the director without incurring any tax, as long as the company has enough money in its bank account to cover the repayment. On the other hand, if the DLA shows that the company owes money to the director, it is called an "overdrawn" DLA. This can happen when the director withdraws money from the company and there are not enough funds left to pay all of the company's debts, such as tax owed to HMRC. An overdrawn DLA is not illegal, but it can result in a Benefit in Kind (BIK) if the loan is greater than £10,000. This means that the director will need to pay tax on the amount of interest that would be charged if the loan were a normal loan. Additionally, if the DLA remains overdrawn for more than nine months after the company's accounting period, a temporary tax charge of 33.75% may be imposed on the outstanding balance under the s455 Corporation Tax Act 2010. This charge is payable even if the company is making a loss and has no corporation tax to pay. The tax can be refunded by HMRC nine months after the end of the accounting period in which the loan was repaid, but this can cause a cash flow problem for the company in the meantime.

A Unique Tax Reference (UTR) number is a 10-digit number that serves as an identification number for individuals, limited companies, or partnerships for tax purposes. HMRC issues a UTR number when you register for personal self-assessment, or when you register a limited company or partnership. Once you or your business has been issued a UTR number, it remains the same and will never change. It's worth noting that a UTR number is a crucial requirement when filing a tax return, and without it, you won't be able to do so. Click this to learn more

An Authentication Code is a crucial 6-digit alphanumeric code that acts as a password when submitting documents to Companies House or making changes to your company details. It serves as a security measure to ensure that only authorized persons can access and make changes to your company information. Companies House issues an Authentication Code when you first register your limited company. Without your Authentication Code, you will not be able to file your accounts to Companies House. It is essential that you keep your Authentication Code safe and secure. If you have lost or misplaced your Authentication Code, it is important to request a new one as soon as possible. You can do this by clicking the link below to request a new code: Authentication Code Request We highly recommend that you keep a record of your Authentication Code in a safe and secure place, as it is a critical component in the management of your limited company.

For limited companies, the accounts filing deadline is 9 months after the accounting period end date, and the corporation tax payment deadline is 9 months and 1 day after the accounting period end date. The corporation tax filing deadline is 12 months after the accounting period end date. The accounting period end date is usually the end of the month, 1 year after incorporation, unless it has been changed. For VAT returns, the deadline to file and pay the VAT liability is 1 month and 7 days after the VAT quarter end date. The first VAT return period is displayed on the VAT certificate, which usually arrives in the post around 2 weeks after VAT registration. For payroll, a Full Payment Submission (FPS) must be filed on or before the employee's payday. The payroll month runs from the 6th of one month to the 5th of the next, and tax and National Insurance must be paid to HMRC by the following 22nd. For P11D forms, which are required if employee benefits are paid, such as a company car, the filing deadline is 6 July for the personal tax year to 5 April, and the tax payment deadline is 22 July. For personal self-assessment, the filing and payment deadline for the personal tax year to 5 April is 31 January of the following year.

At Think Tax Return, we understand that not everyone wants to use bookkeeping software. That's why we don't require our clients to purchase or use any bookkeeping software, which can be expensive and time-consuming to learn. Instead, as part of our business package, we offer to produce your accounts from your business bank transactions alone. You can easily download your transactions via online banking and upload them to our secure document portal. We prefer this method as it saves you hours of bookkeeping and ensures that your accounts are accurate. If you are VAT registered and need to follow the Making Tax Digital rules, we have a simple spreadsheet available on our website that can be used to file your VAT information to HMRC. However, if you prefer to use bookkeeping software, we have recommendations on our website, but we are happy to work from any cloud-based bookkeeping software package of your choice. If you prefer to use a bookkeeping spreadsheet, we can work from your own spreadsheet, or you can use our simple spreadsheet available on our website. We are flexible and will work with you to find the solution that works best for your business.

If you own a limited company, paying yourself a salary from the company can be a smart way to save on taxes. By doing this, you can use your personal tax-free allowances for income tax and National Insurance tax and also reduce taxable corporation profits. For most directors, a salary of £1,047.50 per month (£12,570 per year) is the most tax-efficient option for the 2023/24 personal tax year, which ends on April 5, 2024. However, if you're in certain circumstances, you may have to pay some employers National Insurance at this salary level. If your company has more than one employee, you can claim the £5,000 employment allowance to cover the employer National Insurance liability. This will keep you below the income-tax tax-free allowance while fully using your employee's National Insurance tax-free allowance. However, if you're the only employee of your company, you won't be able to claim the £5,000 employment allowance. You will have to pay employers National Insurance on the portion of your £12,570 annual salary between £9,100 and £12,570. But, as the higher salary reduces company profits, the company will save more in corporation tax than it pays in employers National Insurance, resulting in lower overall tax liability. Before paying employees, including yourself as a director, you must register your business as an employer and obtain your employer PAYE and Accounts Office reference numbers. To register, please click this link.

A Unique Tax Reference (UTR) number is a 10-digit number that serves as an identification number for individuals, limited companies, or partnerships for tax purposes. HMRC issues a UTR number when you register for personal self-assessment, or when you register a limited company or partnership. Once you or your business has been issued a UTR number, it remains the same and will never change. It's worth noting that a UTR number is a crucial requirement when filing a tax return, and without it, you won't be able to do so. Add link https://www.gov.uk/find-utr-number A Unique Tax Reference (UTR) number is a 10-digit number that serves as an identification number for individuals, limited companies, or partnerships for tax purposes. HMRC issues a UTR number when you register for personal self-assessment, or when you register a limited company or partnership. Once you or your business has been issued a UTR number, it remains the same and will never change. It's worth noting that a UTR number is a crucial requirement when filing a tax return, and without it, you won't be able to do so. Click here to learn more

To ensure we have all the necessary information needed to prepare your personal self assessment, we have created a Personal Tax Return Checklist that you can download by clicking the button below. This checklist serves as a guide to help you gather all the required information, making the process easier and more efficient. Please take a few moments to review the checklist and gather all the necessary information before submitting your personal self assessment.

Generally, you are required to file a personal self-assessment tax return only if you receive taxable income that has not been fully taxed at the source. For instance, if you have received dividends, it is your responsibility to declare them to HMRC as personal income. If your total dividends received during the personal tax year to 5th April were less than £10,000, you can declare them over the phone to HMRC by calling 0300 200 3300, thus avoiding the need to file a personal tax return. However, if your dividends exceed £10,000, you must file a personal tax return to declare them to HMRC. If you need to register for personal self-assessment, you can do so by clicking the link provided below. If you are already registered for self-assessment and all your income has been fully taxed at the source, you can call 0300 200 3310 to inform HMRC that you no longer need to file a self-assessment tax return.

For limited companies, the accounts filing deadline is 9 months after the accounting period end date, and the corporation tax payment deadline is 9 months and 1 day after the accounting period end date. The corporation tax filing deadline is 12 months after the accounting period end date. The accounting period end date is usually the end of the month, 1 year after incorporation, unless it has been changed. For VAT returns, the deadline to file and pay the VAT liability is 1 month and 7 days after the VAT quarter end date. The first VAT return period is displayed on the VAT certificate, which usually arrives in the post around 2 weeks after VAT registration. For payroll, a Full Payment Submission (FPS) must be filed on or before the employee's payday. The payroll month runs from the 6th of one month to the 5th of the next, and tax and National Insurance must be paid to HMRC by the following 22nd. For P11D forms, which are required if employee benefits are paid, such as a company car, the filing deadline is 6 July for the personal tax year to 5 April, and the tax payment deadline is 22 July. For personal self-assessment, the filing and payment deadline for the personal tax year to 5 April is 31 January of the following year.

An Authentication Code is a crucial 6-digit alphanumeric code that acts as a password when submitting documents to Companies House or making changes to your company details. It serves as a security measure to ensure that only authorized persons can access and make changes to your company information. Companies House issues an Authentication Code when you first register your limited company. Without your Authentication Code, you will not be able to file your accounts to Companies House. It is essential that you keep your Authentication Code safe and secure. If you have lost or misplaced your Authentication Code, it is important to request a new one as soon as possible. You can do this by clicking the link below to request a new code: Authentication Code Request We highly recommend that you keep a record of your Authentication Code in a safe and secure place, as it is a critical component in the management of your limited company.