Accountancy and Taxation Services for Traders
As a trader, you need to meet a range of significant tax deadlines annually. We have compiled a list of the most critical ones to assist you to fulfil your obligations. Deadline date may be subject to change. That is if, they fall on a bank holiday or weekend, therefore, payment may be required to be completed on the last working day before the deadline.
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Filing Dates for Self-Assessment filing
On 31 October. If you are one of those taxpayers who have received a notice from HMRC to file your tax on paper and not online, you need to do so by 31st October.
30 December. If you have less than £3000 in tax dues, you must file your tax returns online so that HMRC can collect it through your tax code.
31 January. If you are willing to file your tax returns online, you must comply by midnight 31 January. Bearing in mind, you have to have a government gateway sign in and password to do this, and the process obtaining the credentials can take up to 10 days – so it is always advisable you apply in advance more so if you are filing returns for the first time.
Also, you will be required on January 31st to make your first payment. This payment is equal to fifty percent of your tax liability the tax year just ended and will be transferred to next year’s tax bill.
6 April. This makes the beginning of a new tax year. If HMRC believes that you require completing, a self-assessment, you can expect to receive a tax return paper soon after this date.
31 July. On this date, you will be needed to complete your second payment.
Filing Dates for Limited Company filing
For limited companies you have 9 months from your accounting period end to file your accounts and tax return. For example, if your accounting period is
01/01/2016 – 31/12/2016 then 01/10/2017 is the latest date to file your accounts at companies’ house and HMRC.
If you are a business owner, your enterprise will have several operational costs. You can debit some of the running costs to total your taxable only if they’re allowable expense. Some of the costs you as a business can claim as allowable expenses include; Clothing expenses, travel costs office costs, financial costs, costs of your business premises, and staff costs. Please note that allowable expense doesn’t include cash taken from your Business to pay for private purchases.
Filling end year returns as a sole trader can be tedious and can lead you to lose concentration on your business. Accountants for traders like GM Professional Accountants help you have a peace of mind.
GM Professional Accountants
GM Professional Accountants provide accountancy services to business owners. They relieve you from the hassle and time taken to complete end-year tax returns by being stress-free knowing that you are totally compliant with HRMC and up to date with all tax-related guidelines.
The accountancy services take care of all the taxation and accounting requirements for business for a competitive low-cost monthly fee. Also at GM Professional Accountants, we offer other accounting services which include aiding one in registering a business and give support and assistance going forward. GM Professional Accountants regularly review your Business to check whether it’s running the most tax efficient way.