A tax return is used to tell HMRC the level of your income and how much tax is due to for that tax year. So you will need to register and file your tax return with HMRC when you start your business, be it a sole trader/self employed, a partnership or a limited company.
If you are self employed/a sole trader or a partner in a partnership, you must register for a self assessment tax return and the registration deadline is by 5 October after the end of a tax year. You can choose to either file a paper tax return or online.
The deadline is 31 October after the end of the tax year for a paper tax return and 31 January after the tax year if it is online. However, if a notice to file a tax return is issued after 6 April, the deadline may be extended by 3 months. The tax year runs from 6 April to 5 April the following year.
So if your self employed/sole trader or partnership business was started between 6 April 2019 and 5 April 2020, you must register for your self assessment tax return by 5 October 2020 and file your tax return by 31 January 2021 if you choose to file it online. There are penalties for late filing your self assessment and/or partnership tax return.
After filing your tax return any tax you overpay will be refunded by HMRC.
If you start your business as a limited company, you will have to register for corporation tax and file your tax return within 12 months after your company year end. A company year end can be any month. There are also penalties for late filing corporation tax returns.
In both cases, interests for late payments will be charged.
Company directors and/or employees, who have other income such as rental income from their property or dividends, must also register and file their self assessment tax returns by the same deadlines.
Thus if you are a company director (including your own company) or an employee and receive not only your salaries & wages or pensions but also dividends (from your own company and/or other UK companies) and/or rental income from your property, you must register and file your self assessment tax return by 5 October and 31 January (if online filing) respectively.
We have substantial expertise, experience and specialism in providing advice and/or assisting you with your self assessment & partnership registration and tax return services. Our fees are very competitive and can start from as little as £150 per tax return per year. You will feel confident that we will fulfil your tax return obligations and meet your deadlines with little cost the same as we have helped many and you can forget fines/penalties.
Our expertise in tax return services also extend to include advice on your tax savings and assistance with tax efficient ways of withdrawing funds from your business. If you are looking for help with your tax returns, contact us today to see how we can help you with:
The deadline for filing your 2019-20 self assessment tax return is approaching. Don’t wait until the last minute! Contact us today.