FAQ
have questions ?
We know finding a good accountant is not easy, especially the task of keeping up with the book and still going your business
That’s why we came up all these FAQ to help you with your decision making.
Self Assessment is short for the ‘Self Assessment tax return’, a form that many business owners need to send to HMRC each year to report how much they have earned and from what sources.
All sales and income, all business expenses, VAT records if you’re registered for VAT, PAYE records if you employ people, records about your personal income
Types of proof include:
- all receipts for goods and stock
- bank statements, chequebook stubs
- sales invoices, till rolls and bank slips
You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax.
Example
If you sent your 2016 to 2017 tax return online by 31 January 2018, you must keep your records until at least the end of January 2023.
All companies must file their accounts online with HM Revenue and Customs (HMRC). The accounts must be submitted alongside the CT600 (company tax return) and corporation tax computations (your tax calculations).
Accounts must also be filed with Companies House either online or via the post (online filing is not yet compulsory).
Late filing penalties from HMRC are:
less than three months late – £100
over three months late – £200
over 12 months late – 20% of the tax due.
JKO Accounting: For your accounting, Bookkeeping, Taxation, Company Secretarial Services and Much more....