There are responsibilities now. Things come up when you have a business. There are few different things that we need to cover and there are different things that will come up for the tax return online during the year. And, the best way to actually go over this is to run through it, I am not going to overwhelm you at each step. I am going to tell you about a couple of things that you need to look out for that are going to come up in the future when you have your limited company. Some of these things are relevant even if you are a sole trader.
Okay, so you have registered your company. You have this company, you are ready to go, you are going to start selling, you got your business account, you have your website, you got your logo, your branding…! All good to go. Or is there something you’re forgetting? I understand how busy you are, and I understand about so many different pressures on your time. And to be honest, I also understand that it can be more fun creating things that you WANT to be doing. But, just bear with me, concentrate as we need to cover these things! If you do not cover these things, and if you let it slip than later on there can be huge penalties to pay. I have seen this happen in the past. Unfortunately, before some clients came to me they had fines of £3,000, or even more, for missing deadlines and inaccurate information. So this is what I am going to help you avoid. Even if you have made a loss in your business, you must still submit certain documents to the authorities. If you have made a loss, or have no income, it is unlikely that you will have a lot of tax to pay. Always check that you have done the following 7 essential tax tasks on time:
1) VAT Returns
> Prepared monthly/quarterly
2) Payroll and PAYE
> Submissions must be done monthly (Including national insurance payments)
> Including invoicing and credit control monthly
4) Annual Return
>This is now called a Confirmation Statement and must be filed annually for limited companies
5) Abbreviated Accounts
> Filed annually for limited companies
6)Corporation Tax Return, filed annually for limited companies
7) Personal Tax Return
> Also known as the self assessment or income tax return for self employed people, and individual directors of companies
Write down the seven areas above at the start of your year, and check the exact dates that apply to you. Tick them off every time it has been completed. Or ensure that your accountant sends you reminders, like we do at Tax Twerk.