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All companies are required to file an annual tax return at the end of the year. Many small businesses tend to struggle with getting these returns completed at the end of the year. If you are a business owner, you can imagine it can be quite stressful to run your business, do the day-to-day work and also handle financial compliance.
Once the end of the tax year comes near, managers and owners of SME’s have to make sacrifices in order to attempt to complete the Corporation Tax & Self-Assessment Tax Return.
In many cases, it takes time and experience to file these efficiently. Many businesses in Southend pay too much money towards the taxman each year, due to a lack of accountancy knowledge. Or even worse, fail to file the required documents, which can lead to large fines.
At TFMC Southend, we help with corporation tax returns and self-assessment tax returns.
For the self-assessment tax return, you have until the 31st of January to return it. In addition to that, you will also be asked to submit a corporate tax return. The Self-Assessment Tax return is often done by small businesses and freelancers as a way to report their income for that year.
Corporate Tax however, is more detailed – and used as a tax return for larger, limited companies. There is not a universal deadline for filing your CT600 corporation tax return; instead the date is unique to your company. You must file your return within 12 months of the end of the accounting period the return covers.
The deadline for filing your tax return is not the same as the deadline for paying any corporation tax which is due. Instead this must be paid within 9 months and one day following the end of the accounting period for those businesses with taxable profits under £1.5 million. This means you could in theory pay your corporation tax bill before filing the associated tax return; however, it is often the case that both of these things are done at the same time.
The Financial Management Centre Southend team works closely with you and your business to help ensure you encounter no compliance issue with your finances. Make an appointment today with one of our advisors, and we will be able to give you more information about all of our services, ranging from filing tax returns, to accounting, bookkeeping and management accounts advice.
CONTACT US TODAY TO DISCUSS YOUR OPTIONS AND HOW WE CAN HELP