Tom Geraghty & Associates provides chartered accountancy and business advisory services to small and medium-sized enterprises. Based in Newark, Nottinghamshire, we deal with clients of all sectors.
Tax Compliance
Personal Tax
If you are a sole trader, a partner in a partnership or a director of a limited company you must be registered to complete a self-assessment tax return. You must also register if some or all of your income is not taxed at source i.e. through a payroll scheme.
You will have to prepare an SA302 Self-Assessment tax return. We can do this for you and submit it to HMRC on your behalf. We always make your submission as tax efficient as possible so you don't miss out on any possible savings.
MTD for Income Tax comes into effect from 6th April 2026 for individuals with a turnover of £50,000 or more. Get in contact with us for advice and information on how to become and remain compliant.
Corporation Tax
If you have a limited company you must register for corporation tax. We will prepare your statutory company accounts along with your corporation tax submission and will aim to save you as much in tax as possible within our capabilities.
VAT
Businesses with sales in excess of the VAT threshold (currently £90,000) need to register for VAT, keep adequate records on cloud-based software, and make regular returns. A number of schemes — for example flat-rate tax and annual accounts — are available and we can advise on which is the most beneficial for you.
Capital Gains Tax
If you sell a residential property that has not always been your main home, you may be due to pay Capital Gains Tax. The tax on this must be reported and paid within 60 days of completion.
Appeals
If you receive penalties from HMRC we can appeal against them. We have a very high success rate for appealing penalties and we won't charge if you're signed up for a service with us.
