Taxation Services

For Limited Companies, there is a requirement, in addition to filing accounts, to file and submit a corporation tax return each year.

The deadline for paying corporation tax is 9 months and 1 day from the period end of the accounts. For example, if your year-end is 31 December 2022, then your payment is due by 1 October 2023.

The deadline for submitting your tax return is 12 months after the period end. As you can see, payment is due 3 months before submission of the tax return - so it is vitally important you keep on top of this, or have an accountant (hopefully us!) help keep on top of this for you. 

The profits/losses calculated as part of the Company's trading activities are included, as well as other claims and deductions allowable.

If you are self-employed, or in a partnership, you will be required to file a self-assessment each year with HMRC.

The UK tax year runs from 6 April to 5 April the following year (e.g. 6 April 2022 to 5 April 2023). The submission of your self-assessment is due by 31st January of the following year. (using example above the filing deadline would be 31st January 2024).

There are lots of things to consider when preparing your self assessment, not least any income/expenses incurred in your business, but any other income you may have received, your personal allowance, pension contributions etc.

You will also need to consider payment of your self-assessment and may have to make payments  on account for future years. 

VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses.

Currently, the threshold to register for VAT is when your turnover hits £85,000 in a 12-month period.

As a VAT-registered business, you have to:

• include VAT in the price of all your invoices at the correct rate

• keep accurate records of how much VAT you pay for, when buying things for your business

• report the net amount of the VAT you have charged customers, and the VAT you have paid to other businesses by sending VAT returns to HMRC.

There are a number of different rules and rates, which depend on the type of business you have.