Accountancy Services For Dealing With Different Types Of Tax Filing

No Comments

Taxes are an inevitable part of the business’s outstanding liabilities in Sunderland. All the businesses are required to pay different types of taxes (according to the kind of business you are in). But, do you know how much tax you should pay? Many businesses are unaware about the percentage of tax that they should pay to the government. Tax evasion is a crime and you shall be charged with the heavy penalties that will be fatal for your business.  Your business registration can be cancelled and you will be in the list of defaulters. By getting the services of the accountants and the tax consultants, you can file the tax returns.

Annual income tax

It is the most common type of business tax that is imposed on all the types of businesses except Partnership business. There are different types of returns that a business needs to file depending upon the structure of your business. Due to the benefits of the digital technologies, the tax return filers are not required to visit the tax office in Sunderland, still they are able to file the tax returns. Online tax filing services are available these days which are beneficial for the businesses to quickly make income tax returns.

Estimated tax

This type of tax is imposed on the incomes like interest, self-employment income, dividends capital gains, prizes and awards. For all these incomes, there is a need to file the estimated taxes. You can pay this tax by estimating the expected payments.

Non filing of the tax returns leads to the penalties or prosecution. For this, services of the taxation consultants or tax experts are important. They guide the businesses to file the income tax returns.

Asset Finance And Its Types

No Comments

Finance is the need of the hour for most of the business, people and various other entities. Some of them have sufficient finance with them whereas some of them need to take the help from the exterior in order to take care of their business. This is when they use their assets to get the money. The process of getting the money in exchange of your business assets is termed as Asset financing. Most of the businesses raise their assets to the financing companies in order to get the capital that they can use with the growth of their business. The businesses can easily get their assets back once they have paid the entire amount over a certain period of time. Assets finance consultants can help you in understanding the asset finance in detail. Mentioned below are some of the types of asset finance.

Hire purchase: Hire purchase is the method in which business hires any asset which belongs to the financer and can only use that asset for the time regular payments are being made. Once the work of the asset is done, the financer can take away his assets and the business can also stop making regular payments.

Contract hire: In contract hire, an agreement or contract is made in between the customer and the supplier. The customer hires the asset for a limited time period and returns it to the supplier only and after the completion of that time period. In this way, the customer gets to use the asset without any kind of ownership risks associated with it.

Categories: Finance Tags: