Business and Personal Tax
Taxes paid by businesses depends on whether they are trading through a limited company or as an unincorporated business.
Limited companies pay corporation tax on their taxable profits. Corporation tax must be paid 9 months and 1 day after the company's year end.
The Company must also prepare a self-assessment tax return and file this with HMRC within twelve months after the Company's year end.
The term "unincorporated business" is used to describe all other business structures, whether self-employed, a sole trader, partnership or a landlord.
These business are subject to income tax and are required to prepare and submit a self-assessment tax return by 31 January each year.
The payment of taxes is collected through two "payments on account" which are due on 31 January and 31 July in the current year, a final adjustment for under/overpayments is calculated on 31 January the following year, If an underpayment is due, this must also be paid by 31 January.
For further information on the cashflow impact of these - see our article on payments on account
We can prepare your tax return
We are well equipped in dealing with you tax affairs and ensuring you comply with regulation while making sure you do not pay to much tax. Our friendly team will support you with your self assessment and ensure you file it by the deadline. We will guide you as to when payments are due to HMRC and how you can ensure you have sufficient funds to meet these obligations