REGISTRATION, COMPUTATION & SUBMISSION OF TAXES

Return submission:-

There is fixed date of tax return form submission. These forms are mostly submitted electronically. You need a VAT number and a VAT online account. You can then submit your VAT Return using HMRC’s free online service or commercial accounting software.

Getting Online:

If you need:

  • A VAT number and online account-register for VAT.
  • An online account – signup for an online account and VAT submit returns.
  • A VAT number- log in to your online account and apply for a VAT number.

Using Accounting Software:

Most accounting software lets you submit your VAT Return to HMRC directly. This means you won’t have to enter your figures separately in HRMC’s online service.

HMRC has a list of software you can use to submit your VAT Return.

Keep any reference number you receive as proof you’ve sent your return.

You shall need to authorize them before they can submit your VAT return. You can do this VAT online account.

  • According to financial advisor, Mr. Vineet Agarwal, the last date for filling tax return for financial year 2015-16 for individuals is 5 August 2016. Individual’s above Rs.5 lakh to file their tax returns electronically.

Tax computation:

A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances.

Companies should prepare their tax computations annually before completing the form C-S/C. Only companies filling form C need to submit their audited/unaudited* accounts, tax computation and supporting schedules together with Form C. Companies filling Form C-S are still required to prepare their financial accounts, tax computation and supporting schedules and submit them to IRAs upon request.

Your company’s chargeable income may be different from the net profit/loss shown in its accounts.

This is because some of your company’s expenses may not be deductible tax purposes. Similarly, some of the income received by your company may not be taxable, or it may be taxed separately as a non-trade source income.

You may also wish to claim capital allowance on your fixed assets or claim unutilized losses/capital allowances/donations brought forward from previous Years of Assessment (YA).

Types of Tax Adjustments:

As a general guide for most companies, you would need to make the following adjustments to your net profit/loss:

  1. Deduct income which is not taxable
  2. Deduct investment income (e.g. interest, dividend, and rental) which is to be assessed separately as non-trade income.
  3. Add disallowable expenses

Tax Registration:

There is tax registration service available in every country for the services. Customers have the approach to registration themselves and put values to get the tax results of all goods.