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Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.2. Accounts and year ends - 4.2.1. Do I need to prepare accounts?
4.2.1. Do I need to prepare accounts?Yes. All businesses will need to prepare accounts of some sort or another, and accounts will need to be prepared each year end.If your business is operated through a limited company or as a limited liability partnership, you will need to prepare accounts for each year end in a prescribed format and file them with Companies House. You may well need an accountant to help you get these in the required format. Companies must file accounts in XBRL format as part of the company...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.5. How a company’s profits are taxed - 4.5.11. How and when do we pay the tax?
4.5.11. How and when do we pay the tax?A company can pay its tax liability in a number of ways but this is usually now done electronically quoting a reference that’s unique to the company and the period for which the tax is due. The tax generally needs to be paid within nine months and one day of the year end.ExampleA company with a year end of 31 March 2020 would need to pay its tax by 1 January 2021 and file its self-assessment tax return by 31 March 2021.Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.9. How an individual is taxed - 4.9.15. What’s self-assessment?
4.9.15. What’s self-assessment?Self-assessment is the way in which all taxpayers, except those whose tax affairs can be dealt with adequately under the PAYE system, report their income and pay their tax. It applies to all sole traders and partners and most company owner managers.Each year you will be required to file an annual self-assessment tax return, by 31 October following the end of the tax year if you want to file a paper return, or by the next 31 January if you want to file electronically (using...Click here -
Slash Your Tax for Small Businesses - 8. Dealing with HMRC and the penalty regime - 8.5. Penalties for late tax returns, etc. - 8.5.3. What if I file my personal tax return late?
8.5.3. What if I file my personal tax return late?You’ll be charged an initial penalty of £100 if you file your tax return within three months of the due date. If you file more than three months late, this initial penalty will be followed by a daily penalty of £10 per day for the first 90 days of lateness beyond three months. So with nearly six months lateness total penalties of £1,000 can be due.Once you’re more than six months late another penalty being the greater of 5% of the tax that’s due and...Click here
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