What Taxes Do Businesses Pay in the UK? How to File Your Tax Returns Online

Even though most sources will characterize the UK tax regime as quite complex, it really is quite straightforward from a micro perspective. The basic unit of taxation in the UK is based on a basic rate, which is either income tax or consumption tax. If you have taken up UK pension, you are usually liable to pay income tax. In addition to this there are several other charges including a “national insurance” charge, an “onset” charge and a “jobholder’s benefit” charge.

All Businesses should be well Versed in Tax Matters

All businesses should be well versed in tax matters, and filing tax returns is a mandatory requirement for tax clearance. The period within which you have to file your annual return depends on the financial year, see Revenue Scotland for more information. Most small businesses will need to file at the local level, while more corporate businesses will need to file at the corporation tax office in their country of residence. It is important to understand all the options open to you with regard to tax filing.

Business Tax Professionals

Business tax professionals can be very useful when preparing your tax returns and related documentation. They will help you fill out forms and prepare your records. They can also file your tax returns for you if you cannot be there for the due date. Though you can opt for an accountant who will do the work for free, many small businesses may not have the funds to hire a full-time professional.

Online Tax Services

If you need expert help with your UK tax situation, many CPAs and online tax preparation companies now offer online tax services. These are generally free but you may need to provide your e-mail address and credit card information for verification purposes. You will receive up to date information and may receive the files immediately through the Internet. Many CPAs and online tax preparation firms have a toll free number that you can call to obtain more information.

There are several online resources that enable taxpayers living outside the UK to prepare their UK tax documents online. Citizens of other countries can use these services to file their tax returns and related documents. Citizens of UK can use these services to file their greenback tax returns. These citizens may be able to use these online resources even if they reside abroad.

Online Tax Preparation Services is Security

An important consideration for UK expats or immigrants using online tax preparation services is security. You should make sure that the firm is licensed to process your tax documents. You should also verify whether this firm is a member of SIN – Self-Employment Identification. This is the official documentation of a person’s employment history. If an expat or immigrant uses a firm that is not a member of SIN, it will not help them in filing their UK tax returns. You should therefore ask this firm to become a member of SIN and to secure an EID, otherwise known as an Employer Identification Number.

Online Tax Preparation Services is Cost

Another concern for UK expatriates or immigrants using online tax preparation services is the cost. It is vital that you choose a firm that is affordable. You should therefore look out for the firm’s range of prices before selecting one. It is best if you go for firms that offer you affordable rates for all your needs related to CPAs and related tax planning documents. You should also ensure that the online tax planning firm provides a money back guarantee for its UK clients.

Check Out the Company’s Reputation before Hiring

It is also important that you check out the company’s reputation before hiring it. There are online expat tax professional firms that have a reputation for charging high rates. You should therefore ensure that the firm that you want to hire has a good track record. In addition to this, you should make sure that the firm employs competent CPAs to prepare your UK tax return. It would be better if you seek the help of such a firm that has several licensed CPAs to handle your case.

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