According to Benjamin Franklin, “nothing is certain except death and taxes”. He makes a good point; unless there are some radical political changes, you’re set to be paying taxes for the long haul, so you may as well be doing it correctly and with minimal stress.
Being prepared for a tax deadline not only eases the pressure that comes with any deadline, but it also prevents any last-minute panic, giving you more time to concentrate on other aspects of your business.
Next year’s tax return deadline doesn’t have to be a flustered scramble through the paper trail of your company. Aston Black offers expert bookkeeping services for small businesses, so take a few tips from the professionals to help your preparation.
It’s difficult to prepare for a tax return if you have no idea when the deadline is, so make a note of all the dates worth knowing. If this is your first time filing taxes, you’ll need to register on the HMRC website. The deadline for registering for self-assessment is October 5th.
If you’re planning on filing a paper tax return, remember that the deadline is October 31st. If you miss this deadline, you’ll have to file your return electronically, by registering online and applying for an application code. This will come in the post, so leaving it until the night before isn’t a good idea.
You’ve just paid your tax bill, so now’s not the time to be spending more money hiring an accountant, right?
Wrong. Now’s the perfect time to be seeking bookkeeping services for a small business, helping put your tax return together. The expense of a tax accountant is minimal compared to the cost of receiving fines for filing your taxes late or making mistakes. And you also have to consider how much money you can save with a tax accountant making sure you claim back every business expense you’re entitled to.
Having an experienced, knowledgeable accountant on board will help you organise your accounts, whenever you need assistance. Your accountant will prepare the correct papers for your return, meaning you’ll have organised, stress-free bookkeeping for future tax returns.
Our expert tax accountants have worked with a wide range of small businesses in all sectors, giving us an in-depth knowledge of the financial issues that can occur. Whether your tax return was stressful because of disorganised accounts, or you were unsure which information to provide, we can help.
Whether you’ve decided to hire a tax accountant for your small business or are capable of handling it yourself, now is the time to plan ahead. It may not sound like fun or even a bit unnecessary, but gathering any documents you’ll need sooner rather than later is a very smart move.
Hiring an accountant to handle your next tax return is an ideal way of easing the pressure. Doing so as soon as possible helps them build a timeline of your finances throughout the year. This will make the organisation of your tax return easier and allow them to see if there are areas of your business that could be more productive.
Your tax return is filled in correctly, you’ve crossed all the Ts and dotted the I’s and it’s filed on time. But did you pay your bill? The deadline for payment is January 31st — the same date as the tax return deadline — so make sure it’s taken care of before then. This deadline is for HMRC to receive the money, so sending it early will make sure it arrives on time.
Midnight on the day of the tax return deadline (paper and online) is the cut-off point. Even if you’re a few hours late, you’ll be fined £100. After three months, you’ll incur a fine of £10 every day. Having your hard-earned money dwindle away because you were a bit slack with your tax return is something every business owner can avoid.