AtlasFin Accountants

28/04/2023

Outsourcing accounting and bookkeeping services can provide several benefits for businesses, including: Cost savings: Outsourcing can be cost-effective for businesses because they do not have to invest in hiring and training full-time employees, purchasing accounting software, or maintaining a bookk...

27/04/2023

There are several tax-saving strategies that small businesses in the UK can use to reduce their tax bills. Here are some of the most effective ones: Claim capital allowances: Small businesses can claim capital allowances on their business assets, such as equipment, machinery, and vehicles. This allo...

27/04/2023

Why you need to file company accounts before deadline.

Filing company accounts to Companies House before the deadline is a legal requirement for most types of UK companies under the Companies Act 2006. The annual accounts provide a snapshot of the financial performance of the company during the previous financial year and are an important way for stakeh...

27/04/2023

How a foreign company can register of VAT in the UK.

To register a foreign company for VAT with HM Revenue and Customs (HMRC) in the UK, you need to follow these steps: Determine if your company is eligible: Your company must be registered outside the UK and must not have a fixed establishment in the UK. If your company meets these criteria, you can a...

27/04/2023

Why you should file HMRC tax return on time.

Filing your HMRC tax return on time is important for several reasons: Avoiding Penalties: Failing to file your tax return by the deadline can result in financial penalties. The penalties increase the longer you delay, and can include both fines and interest charges. By filing on time, you can avoid....

02/01/2023

UK Annual Accounts Submission to Companies House – Late filing penalty:

Every UK Company needs to file annual accounts each year. Due date is 09 months after the year end. In case of non-filing by due date, companies house will impose following penalty
Not more than 01 month: £150
More than 01 but less than 03 months: £375
More than 03 but less than 06 months: £750
More than 06 months: £1500

NOTE: Even the annual sales revenue, from the UK marketplaces, are ZERO, and the sales revenue is generated from other countries, UK Ltd still needs to file tax return and annual accounts.

02/01/2023

U.S. corporations more than 25% owned, directly or indirectly, by foreign persons must file Form 5472 to report such ownership and all transactions with related parties.

Failure to timely file carries a $10,000 penalty per required form.

28/12/2022

Form AD01 is filed to change registered office address with companies house.

26/12/2022

US Corporate Tax – Annual Federal IRS Filings:

US Corporate Income tax will due on 1st January 2023 and deadline is 15th April 2023.
LLC’s owned by foreigners, must also file form 5472, or they may get fine up to $25,000.

Some of the IRS forms and their intent is as follows;

Form 1120 U.S. Corporation Income Tax Return
Form 5472 Information Return/Foreign-Owned U.S. Corp
Form 1120-W Estimated Tax for Corporations
Form 2220 Underpayment of Estimated Tax by Corporations
Form 5471 US residents having foreign companies
Form 7004 Application for Automatic Extension
Form 8878-A IRS e-file Electronic Funds Withdrawal
Form 8879-C IRS e-file Signature Authorization

20/12/2022

UK Company Taxation – Deadlines

Any company incorporated in UK must adhere to the following taxation rules or they may face penalties from HMRC or Companies House.
01 Value added tax - VAT:
This is payable for any VAT registered company, whether there is sale or no sale in the period. VAT accounting cycle maybe quarterly or annually, whichever was opted at the time of registration.
VAT payable amount, if any, needs to be paid within one month and seven days.

02 Annual Corporate Taxation:
Deadline for Annual Accounts and Corporate Tax Return (CT600) is 09 months after the accounting year ends.

03 Company’s Director Return:
Company’s director, if he/she is UK resident, tax return must be filed within one year after the accounting year ends.

08/12/2022

Welcome, we are a firm of Chartered Certified Accountants, based in Sheffield, England.