Tax Deadlines for Small Businesses
Last year a quarter of UK small businesses admitted to missing tax deadlines, with one in three leaving it to the last minute to file their Accounts and Finances with HMRC.
For many people this causes a lot of stress and worry. One in five business owners said that tax deadlines keep them awake at night with worry.
So what can you do to get in control of your finances and meet those looming deadlines?
Here’s our Top Tips:
- Keep good records of all your income and expenses through the year. Find a system that works for you because using an online system, like Xero, can save you time & worry by automating some of your accounts.
- Block out half a day a month to get up to date. Just a few hours can be enough time to get your financial information together and take control of your tax deadlines.
- Get good advice. If you aren’t 100% confident in how to keep your information, or what information to keep then ask. Any good Accountant (like us) will happily explain to you. Contact us or contact HMRC themselves and ask for guidance.
It’s estimated that one in five businesses lose money that they could have claimed back from the Tax Man because of missing paperwork.
No-one wants to pay too much tax or miss out on a rebate. So if this isn’t incentive enough then I don’t know what is!
What can you do?
Complete your Tax Return as soon as possible. The end of the Tax Year is 5th April so block out time in April or May to get on top of your Tax Return.
Why do it early?
Because you’ll know exactly how much tax you need to pay well in advance of the January deadline. You will have plenty of time to find the money if you don’t have it to hand. And most importantly, you’ll be able to sleep a bit easier at night.
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Tax Deadlines for Small Businesses
If you’d like help with your next Tax Return just get in touch. Our prices start from £250 and we are taking bookings from April 2020!
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