You may be filing your taxable income for your small business in the UK regularly. However, you may need to disclose the income earned from your foreign investments. The dividends and income you earn from another country or countries are liable to be taxed in the UK, and if not, there can be a hefty penalty for non-compliance. When filing your tax returns, you must consider some points to determine your foreign income. Firstly, you must declare your residential status, and if you are a resident of the UK, it means that you are subject to UK tax on your worldwide income and UK income. If you are a non-resident, you will be subject to UK tax on your UK income as per the nature of your income.
You must show the nature of your income, as you may be subject to different tax rules. For example, foreign income is taxable in the UK, while foreign pension income may be taxable depending on the circumstances. As most people need clarification, it is always better to contact Personal Tax Accountants leeds to file your tax returns properly and they may help you with deductions and claims.
Professional Leeds Accountants
There is always a high degree of professionalism in Leeds accountants regarding tax matters. They are known to do a perfect job and have years of experience in this area, and they can save you money by determining the right kind of claims and deductions you are eligible for. They will disengage you from any tax rules you have been unnecessarily subjected to and can give you excellent advice to improve your business.
For example, they know the tax treaties the UK government has agreed upon with some countries and can help you access your income by claiming tax reliefs due to these agreements. You can relax without stress by properly filing your tax returns with accountant leeds.
New Penalties and Updates
Taxes are subject to frequent changes and updates, and there has been a progressive shift in how penalties are charged for late VAT returns and payments. You may not be aware of the new changes in the normal course of your business, but Tax Advisor Leeds will instantly notice it and confirm the same with the tax office.
Similarly, the penalties vary according to the time delay in late submissions of tax returns, and only highly experienced tax experts can help you to file returns without any error. Again, they may help you with temporary workplace mileage claims and other deductions so your business can save money.
For more info visit: https://en.wikipedia.org/wiki/Tax_advisor