Tax returns are something of a horror to most people who run a small business! They can certainly be one of those things that is hard to get your head around and can cause a little stress, but it is important that you don’t put this off and bury your head in the sand.
Tax returns that are late or incorrect can incur a hefty fine, which is something that no small business wants to have to pay out! Many small businesses like to use a professional accountant for this reason, such as Chippendale and Clark accountants Swindon – to make sure that all the tax affairs go smoothly.
When you are in charge of running a business, there is a lot to make sure that you keep on top of and tax returns are something that can cause a lot of problems if you don’t! It is a good idea to keep a note of the important dates of the deadlines for taxes.
If you are a sole trader then the deadlines are usually the same, but it is worth remembering that there can be some exceptions to this such as additional earnings that are taxed under PAYE. For this reason, using an accountant is a good idea especially when you are starting out as this can alleviate the stress.
Things are different if you are not a sole trader, as then you also have national insurance and corporation tax to factor in as well.