As a business owner you will be required to complete tax returns on an annual basis. It is important that this is done correctly.
Individuals are required to file tax returns by 31st January for the proceeding tax year (which ends on 5th April). HMRC issue late filing penalties of at least £100 if you fail to meet the filing deadline.
Limited companies are required to file corporation tax returns no later than 12 months after the end of an accounting period, however any tax liability arising on that accounting period is due for payment by no later than 9 months after that accounting period ends. HMRC issue late filing penalties of at least £100 if you fail to meet the filing deadline.
Minimising Your Tax Liability
There are many legitimate ways of minimising your tax liability, some simple others more complex. Tax planning at the early stage of a business is essential if you want to keep your tax liability as low as possible.
You work hard to earn your money so contact Abacus to discuss how we can save you as much as possible.
ABACUS, YOU CAN COUNT ON US