What are the deadlines for personal tax/self-assessment return filing?
A paper self-assessment must reach HMRC by the 31st of October and an online return by 31st January. If you fail to file the return, you automatically receive a £100 fine. Even if you don’t owe any tax or have paid the tax you owe. It is important to understand that whatever you’re reasoning for missing the deadline the longer you delay the more you will pay in penalties. It is always recommended to plan well in advance, we can assist you with this planning and ensure you pay only as much as you have to and don’t incur a fine.
2. What are the deadlines for corporation tax return filing?
Your corporation tax return deadline is within 9 months of the end of your company’s corporation accounting period. Yearly filing includes the submission of your company tax return, other supporting documentation. Failure to file your return on time will incur an automatic penalty. Even if your company does not owe any corporation tax.
Your actual payment deadline can vary, this will depend on how much taxable profit your company or organisation makes. Many factors determine the amount owed including the amount of taxable profits and whether you operate a group of companies. Seamless Os can support you when preparing and filing your return, we recommend you plan well in advance to allow plenty of time for us to examine and plan your company’s tax return filing.
3. What is Corporation Tax?
Corporation tax is tax paid by UK companies on ‘chargeable profits’ although there are some exceptions. Rates are fixed by the government each year.
4. What is a Limited Liability (LTD, Limited) Company?
A limited liability company is a separate legal entity, a company whose shareholders have limited their liability to the value of the shares they hold.
5. What is a Partnership?
A partnership is when two or more people agree to carry on a business together intending to share the profits.
6. What is a Sole Trader?
A sole trader is the simplest type of business, there are no shareholders just the owner’s money and borrowings. A sole trader can also be known as a sole proprietor.
7. What is a Community Interest Company (CIC)?
A community interest company are social enterprises that want to use their profits and assets for the public good. They are a special type of Limited company which exist to benefit the community rather than private shareholders.
8. How long do I have to register with HMRC once I start trading?
You must notify HMRC within 3 months to avoid any penalties. If you need assistance with registering, then you can contact us here at Seamless Os. We are on hand to help and ensure you get your registration form in on time.
9. If I work with Seamless Os, how much will it cost me?
This will depend on the level of service you would require however we can ensure you our service is cost-effective. By outsourcing your accounts to Seamless you will generally save time and money, we offer you the personal touch and make it our goal to understand your business and its challenges.
10. What does ACCA mean?
The Association of Chartered Certified Accountants (ACCA) is an internationality recognised professional accounting qualification. This can only be attained following the successful completion of 14 professional examinations. To become a full member of ACCA you must have completed at least 3 years of relevant practical experience in many areas of general practice.
11. Should I register my company as an employer for PAYE?
If you pay yourself a salary and/or claim expenses from the company, you must register your company as an employer. This will enable HMRC to provide your company with an employer reference number (for payroll and P11D purposes). Check out Seamless Os Guide on registering your company for PAYE.