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Are you self-employed? A partner of a business? Or maybe you’re a director of a limited company? In that case, you’ll need to submit a Self Assessment Tax Return to HMRC.
Your Self Assessment helps HMRC know how much Income Tax and National Insurance you owe and includes everything from your turnover to your income from other jobs.
Completing your Self Assessment can be a time-consuming and tricky chore. But AnRos Consultancy Ltd, can provide advice and help you navigate the landscape of income tax.
Our team of tax consultants has more than 13 years’ experience in the sector. Meaning? Our self assessment services will ensure you meet all regulations and pending deadlines set out by HMRC. While making the most of your allowances, reliefs and relevant tax rules.
Ready to hand over your Self Assessment? Get in touch.
When is the deadline for submitting a Corporation Tax return for limited companies? Same as for the individual’s 31 Jan?
No, every limited company has its own deadlines for Corporation Tax and is linked to its accounting period.
Corporation Tax Returns need to be filed within 12 months after the accounting period for Corporation Tax ends.
Corporation Tax payment to HMRC must be done by 9 months and 1 day after the end of the accounting period for the Corporation Tax.
Do I have to send a tax return if there is no profit in my Ltd company?
Yes, your company must file a tax return to HMRC if the company was trading, even if there is no Corporation Tax to pay or you made a loss.
The deadline for submitting a personal Self-Assessment tax return and paying tax is 31 January. What happens if I pay late?
If you do not pay the amount of tax due by 31st January, HMRC will start charging interest. If you have not paid the tax within 30 days, HMRC will impose a penalty of 5% of the amount due. This is followed by an additional 5% if you have not paid the tax within 6 months.
Is there a Payment on Account for corporation tax for limited companies?
Payments on account affect sole traders paying Income Tax and limited company directors who pay their taxes through Self-Assessment. Small limited companies are not required to pay POA for Corporation Tax.
How can I legally reduce tax?
Every situation is different and would require detailed study before advising. However, the general strategies include structuring income sources in the most tax-beneficial way, paying into pension and charity, making tax-efficient investments, and utilising tax allowances and reliefs.
