Tax Tip – Keep A Business Running Smoothly

There are so many moving parts that need attending in order to keep a business running smoothly, and having a calendar with due dates, deadlines, and important information can save you a lot of time, money, and stress! If you are submitting PAYE Settlement Agreement (PSA) to HMRC, so they can advise you of the tax and NICs due in time for the 19th October payment deadline, then you have until the 31st August to get this to them.

It might seem early to be thinking about it, but if you are required to file a paper return for Self-Assessment, the deadline is the 31st October, and you’ll definitely want to be preparing ahead of time – if you miss the deadline, there’s £100 penalty fee (for even a day late, even if you don’t owe any tax), and further penalties of £10 per day (up to £900) can be leveraged against you – with another £300 (or 5% tax due, whichever is higher) if you’ve six months late!

If you need help and advice or want someone to handle your returns – get in touch with us today, and our experts will help assess your needs, and provide you with the services to suit your situation!