Companies in the UK are subject to a number of deadlines from Her Majesty’s Revenue and Customs throughout the financial year. If you, or your financial representatives, are not up to date on your accounts and filing obligations, then you could quickly come up against a raft of late filing penalties and charges.
Are you concerned about extracting money from your company in the most tax efficient way? The best planning considers you and your company at the same time, and can give rise to a considerable tax saving.
Sales are key to any business but cash flow can scupper even the most profitable business…you need to pay salaries, buy assets, and pay the bills and rent. Slow cash flow can severely restrict growth and many companies are forced to slow to ensure that they can keep the lights on.
It is not uncommon for people to be given a fine or parking penalty whilst carrying out a business task. However, the good news for your balance sheet is that you may be able to reclaim the amount through your tax return.
Bookkeeping is a vital part of your business’s operation. Making sure you keep excellent and accurate records is something you should be doing regularly, especially if you will be completing your own tax return to the HMRC.
Whether to file your own taxes or to use professional accountants is a question that many people will ask of themselves every year. There is no reason why you can’t file your own taxes if your situation is uncomplicated and you have a good head for numbers, but it is important to remember the consequences for getting it wrong.
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