Happy New Year small businesses! I hope you have filed your tax returns as the deadline is the end of this month, January (2019). If not, don’t worry……PANIC! Only joking.
It’s better for you if you have filed before now so that you know how much (if any) tax you have to pay by the end of this month (and in July 2019), as well as to be sure you’ll meet the filing deadline. However, your accountant should be able to get your return filed in time – if only because of the long hours of overtime they will be doing! Few if any will actually guarantee this though.
You will get more value from your accountant if you talk with them during other months of the year – they’ll be less stressed and have more time to discuss your business issues other than “will I make the tax return deadline” and “how much tax do I have to pay – with just 4 weeks post Xmas to save/budget!”.
So – for those of you new to running your own businesses:
- appoint an accountant straightaway giving them your UTR (tax reference number given when you register with HMRC) and your postcode
- if you are filing your own tax return then register for HMRC online services via www.gov.uk
In fact, you can “extend” your tax return deadline by filing with “Provisional Figures”. This means you (or your accountant) can file with your best estimates, and tick a box on the return to say Provisional Figures have been used. Then as soon as you have your actual figures then you refile an amended return.
Finally – if you’re in a position such that you simply cannot afford to pay your tax bill on time – you may be able to agree a payment plan with HMRC. Contact them as soon as possible, and before the tax payment deadline, by calling HMRC’s Business Payment Support Service on: 0300 200 3835. The service may vary depending on the person you speak to, and if they are unsympathetic or unhelpful (and at worst they can be downright rude) then hang up and try calling in again to speak to someone else. Pob lwc!
Tessa Finch, Finch Accountancy in Kidwelly www.finchaccountancy.co.uk