Tax compliance & planning

tax compliance and planning
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Frequently Asked Questions

We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.

When does my personal tax return need to be submitted by? 

As the UK tax year starts on the 6th April of any one particular year. Your tax return (if submitted online) is usually required by no later than 31st January at the very latest, this does differ if being submitted by paper. More information can be found here
However, though the deadline is 31st January, HMRC’s advice is to plan well ahead and not leave this till the very last moment to submit this. If you require assistance with your self-assessment, do not delay, get in touch with us today and we can help. 

Are there penalties involved for late filing of a tax return? 

Yes, the details of the penalties for late filing can be found here.
It is recommended not to leave a self-assessment till the very last minute to avoid any unwanted penalties. 

When does a business pay corporation tax?

A corporation tax bill is usually due for payment 9 months and 1 day after the end of your accounting period. For example, if your financial year end is January, then your corporation tax will be due for payment on the following 1st October. 
There are differing rules on deadlines and payments based on the profits exceeding certain amounts, details of which can be found here

Can an accountant help save paying too much tax?

There are of course no guarantees as it can depend on many factors. However, in most cases there are usually ways that a good and well experienced accountant can help in reducing the overall tax liability, both personally and commercially.

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