When you first start the company formation process, most business owners are more concerned about running their business than the endless red-tape and form filling that seems to come hand in hand with becoming your owner boss in this country! However, to avoid fines and in some cases prosecution, it is vital you understand your tax obligations and prepare for them well in advance.
According to the HM Revenue & Customs, millions of small business owners are issues with hefty fines each year, as they fail to send their tax returns in within the specified timeframe. Here at Companies Made Simple, we know how busy most small business owners are, especially when they have just formed their company, therefore we have decided to make your live a little easier by giving you the most important dates in the Tax calendar .
HM Revenue & Customs are here to help. They can:
– Tell you how much you owe
– Inform you how much you need to pay by 31 January next year
– Make sure you are not paying more tax than you owe.
The most important dates to remember are:
– Paper tax return deadline – 31st October
– Online tax return deadline – 30th December
– Last year’s tax return deadline – 31st January
Maybe tax needn’t be taxing after all!