FILING TAXES MADE EASY!
People know filing taxes is one of the necessary things to do, but for some, filing taxes could be stressful and time consuming. Filing taxes may not be one’s favourite to do list but it’s a must– whether this is enjoyed or not! Self-Assessment Tax Return and Corporation Tax are just among the tax returns that need to be filed in HMRC.
If you have never submitted a return before, you need to register for Self-Assessment and there are ways to register if you’re self-employed, not self-employed but need to declare income, or if you’re in partnership. Once you’re registered, you’ll receive a Unique Taxpayer Reference (UTR) and need to set up a Government gateway account. Deadline on the filing of your tax return will be 31 Oct 2021 for Paper Tax returns, 31 Jan 2022 for Online Tax Returns and payment must be paid on or before 31 Jan 2022 – all of which are for the tax year ended 05 Apr 2021. HMRC might also email or write to you giving you a different deadline. Upon filing your Self-Assessment tax return, make sure that you are ready with the relevant data such as income and expenses (specifically categorized as per HMRC guidelines) to input.
On the other hand, Corporation tax is dealt separately, which has to be paid by all UK limited companies in general. Sole traders and partnerships don’t pay corporation tax, instead they have to fill out a tax return and apply income tax to their earnings. Corporations still need to register for corporation tax through HMRC and must be ready with the relevant details such as Company Number, registration number and address. You have to complete a company tax return, CT600 every year. You also have to file your accounts in HMRC and Companies House. The deadline for the corporation tax bill is nine months and one day after the end of your accounting period from the previous financial year. The normal rate of corporation tax is 19% for the beginning of 1 April 2021. You may need to explore the expenses that could be deducted to reduce your corporation tax bill.
Keeping track of all your expenses, remembering due dates, and could even be worse, paying penalties – are just some of the unwanted but necessary things to do! These taxes come with different due dates and if you’re having multiple companies, these may even be more confusing. So instead of adding it to your already long list of to-dos and hating yourself for missing any deadlines, Cheylesmore Accountants is here to help and will make filing taxes easy for you! Cheylesmore Accountants offers a variety of services such as Bookkeeping, Account preparation and submission, Tax Planning, Cash Flow Planning, VAT Returns and so many more. All will be taken care of. With Cheylesmore Accountants, you consider filing taxes as done!