Important financial documents to file

Important financial documents to file

When you own or manage a business, there will be a number of financial documents that you will need to file on a regular basis. Some of these will be filed annually and others on a more frequent basis. An Accountants Bath way such as chippendaleandclark.com/accountant-in-bath/ will be able to support you with filing all of these documents and with other aspects of your business finances such as bookkeeping and debt chasing.

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VAT returns – VAT or value-added tax is essentially a consumer tax. It is passed through an entire supply chain down to the end-user. Returns relating to VAT need to be filed on a quarterly basis, and there are strict conditions around what items you can claim VAT on and those that you can charge VAT on.

Corporation Tax – if you have a limited company, you will need to file an annual corporation tax report. This will detail all the income and expenditures in the business, along with the assets and liabilities that your company currently has.

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Self Assessment Tax – this is another form of tax that is filed on an annual basis. It is the tax that is paid by individuals that are self-employed or work as a director. It operates in a similar way to tax paid by employees, and individuals receive the same basic tax-free income allowance. Tax is then paid, along with national insurance on the amounts over and above this basic allowance.

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