If you are a small business owner and a director of a limited company, the chances are that you need to complete a Self Assessment tax return (“tax return”) every year. The deadline to complete your tax return online is 31st January every year to HMRC and 31 October if you submit via paper copy.
This doesn’t leave you much time if you have not already organised and gathered the necessary financial data and documentation to complete your tax return for 2018/19 tax year, which is due in January.
Act now to avoid unnecessary penalties for late submission. Southside Accounting are Self-Assessment Tax Return accountants and offer a competitive fee to help small business owners comply with their tax filing obligations. Contact us to see how we can help.
Running a limited company gives you many advantages versus a sole trader structure, including potentially paying less tax and limiting your liability with your personal assets separate and safe from your business activities.
If you’re considering moving to a limited company, we’ve got a great article on the advantages and disadvantages to help you with this decision, here.
What information does a tax return include as director of a limited company?
The tax return asks for details on your income from all sources, including employment, dividends you receive from your limited company and any other sources of income, such as rental income, sole trader income and dividend income from investments.
When HMRC have the full picture of your total income, they can tax you accordingly. The good news is that you you will receive some tax relief with pension contributions and charity donations as well as allowable expenses.
When is my tax return due?
The online submission of your tax return is due by 31st January each year. However, you can file your tax return sooner and usually as soon as you have your P60 for the relevant tax year.
If you file late, you’ll be fined £100 immediately and further penalties imposed by both HMRC and Companies House the longer you wait to submit your tax return. Further information on penalties is available on HMRC’s website.
Southside Accounting are Self Assessment Tax Return Accountants
Southside Accounting are your local cloud accountants in Wimbledon and London. We’re local, like you. And we’re a dynamic small business. Just like you.
We are fully chartered, certified accountants so we’re well qualified to be the trusted advisers you need to help make your company a success.
All our clients are on the cloud and have access and support on cloud accounting software, in both QuickBooks and Xero.
Our fixed fee structure means there are no surprises. And our smart Service Plans are tailored to meet the particular demands of your business.
Call us to book a free no-obligation meeting today.
We always offer an initial free face to face meeting with prospective clients, so we can get to know you and your business and understand your unique circumstances and business goals.
Written by Shaima Todd.