We are currently working on preparing your (5th April) Year End Accounts and 13/14 Personal Tax Returns and in some cases, we haven’t received all the necessary information required to enable us to complete these, such as checklists and supporting information.
Please respond to the regular reminders we send requesting these. Once we receive this information, we can prepare your Accounts and Personal Tax return and email them to you for review. If you haven’t already done so, please provide us with any outstanding information as soon as possible.
Companies House & HMRC levy penalties for late submission of Personal Tax Returns and Company Accounts, which will only increase with further time lapses. Those penalties will lie with you as Director of your Limited Company if you haven’t provided us with the requested information.
Remember; it is your duty as a Company Director to ensure you have declared everything of your own income regarding Personal Tax and should you have a payment to make, you are responsible for payment of Personal Tax by the due deadline.
More Blogs
How Much Does a Director Loan Cost?
Director loans are a popular yet often misunderstood financing method used by small business owners. If you’re a company director who has taken, or is considering taking, money out of your company (that isn’t structured and subject to tax as: a salary, dividend, or expense reimbursement), then you are effectively using a Director Loan. It is therefore important to understand these rules and the costs involved.
Do I Need to Use a Separate Bank Account for My Sole Trader Business?
One of the most common questions we receive when clients are setting up as a self-employed sole trader for the first time, or indeed for existing businesses who transfer into us is: “Do I need to use a separate bank account for my Sole Trader business?” The article explains the benefits of using a separate bank account for business transactions as a self-employed sole trader.
Is It Better To Be Self-Employed Or Use a Limited Company?
The article helps business owners decide how best to structure their business, by considering the differences between operating as a self-employed sole trader or partnership, or by using a limited company.