Received a tax return and want to know what to do now?
Sometimes you’ll need some guidance with matters outside your control
Every business has to pay tax on its profits, and the tax man checks what he’s owed by demanding an annual tax return. Each new source of taxable income has to be advised within three months.
So, if you start up a business, you have to tell the tax man, who then knows you should receive a tax return. A tax return will include all of a person’s (or company’s or partnership’s) taxable income, not just that of the business. You only need to complete a tax return if you’ve been sent one – but make sure the tax man has your correct address, as there are penalties for failing to complete a return – even if you never received it.
If you have to provide a tax return that includes your business results, we’ll be happy to prepare it for you.