Accounting

We don’t just manage your financials, we help you build a foundation for growth, reduce your tax liabilities, and free up your time to focus on what matters most: running your business. Whether you need regular bookkeeping, year-end financials, or proactive tax advice, MWT is here to support you every step of the way.

''We provide a range of financial services designed to help your business thrive.''

OUR SERVICES INCLUDE:

Year-End Financial Statements: Accurate preparation and submission of your Statement of Profit and Loss and Statement of Financial Position, ensuring full compliance and clear insights into your financial performance.

Management Accounts: Timely, detailed accounts that empower you to make informed business decisions and stay on top of cash flow.

VAT Returns: Expert VAT planning and filing, helping you stay compliant while optimizing your VAT position.

Payroll Services: Comprehensive payroll management, including payslips, PAYE submissions, and year-end filings, so you can focus on growing your business.

Business Tax Planning: Proactive strategies to minimize tax liability, maximize available reliefs, and optimize your business structure for long-term success.

Bookkeeping & Financial Reporting: Reliable, tailored bookkeeping and financial reporting services to keep your business running smoothly and efficiently.

FAQ's

What is self-assessment?

Self-assessment is a system or regime by which Her Majesty’s Revenue & Customs (HMRC) assesses and collects direct tax in the UK.
Should I complete a self-assessment tax return?

Most people who pay income tax in the UK do not have to complete self-assessment tax returns. These are primarily employees whose tax is deducted at source under the Pay as you Earn system (PAYE). Self-assessment therefore applies to individuals such as the self-employed (sole traders) who earn in excess of £1,000, landlords that receive rental property income, individuals who receive income from savings, investments and dividends, foreign income, income from tips and commission and any other type of untaxed earnings.
When are self-assessment tax returns due?

The UK tax year starts on 6 April each year and ends on 5 April of the following year. Self assessment returns are due on the 31 January following the end of the tax year. For individuals who wish to submit paper returns, the deadline is 31 October following the end of the tax year.
What are payments on account?

Payments on account are amounts that some individuals are required to pay towards their estimated tax liability for the current tax year. They are calculated based on the previous tax years liability and are paid in two equal instalments of 50% each on the 31st January and the 31st July. These amounts are then deducted from the final liability for the year and a balance payment is usually made, together with a first payment on account for the following tax year.
How do I get the ball rolling?

As a starting point, you would need to register with HMRC in order to receive your 10 digit Unique Tax Payer Reference number (UTR). This number will enable you to submit your tax returns online by the 31st January deadline. If you are completing your own tax return, you would need to create an online account with HMRC once you receive your UTR number. Alternatively, if you need to help and support with getting your tax affairs complete and up to date then please get in touch for your free consultation.