January 12th, 2018.



January, the start of a new year and the month when many business owners and self-employed are pulling their hair out because the tax return submission deadline is suddenly looming at the end of the month.

While many people do it in good time, many don’t… in fact according to HMRC, 840,000 people failed to meet the deadline last year. Being late causes unnecessary fines that only get worse the more you ignore them.

If you are one of the many yet to complete your tax return, you must do it now and this article is here to help, particularly as the tax return deadline is also the tax payment due date, so you may well need time to get some funds together.

Another important thought is that if it’s your first year in business or your profits have increased, the chances are you will have to pay more than expected with the ‘Payments On Account’ system that HMRC has in place which means this year you will have to make two payments towards your next tax bill. It is calculated by looking at your previous year’s tax bill. The first instalment is due on 31 January and the second on 31 July.


For the full story at smallbusiness.co.uk CLICK HERE.