Self Assessment
What is the deadline for filing my tax return?
If you submit a paper tax return then 31 October after the tax year end is the deadline. But with electronic tax returns it is 31 January the following year. Don’t panic we can help you with this, or if you are over the deadline we can help you to discuss this with HMRC.
When do I need to pay my tax?
Tax owed must be paid by 31 January the following year. For most accountants we get inundated with end of year accounts, or self assessments at this time of year. To get the best value of your accounting services try to plan ahead so an accountant can pull your figures together with time in hand.
What do I do if HMRC owe me a tax refund?
You can either call HMRC on their Self Assessment Helpline, or ask your accountant to arrange for the refund to be made direct to your bank account. Accountants tend to be used to the language needed to discuss such matters with HMRC and can save you some significant time working your way around and learning the tax system. At Blue Skies we have contacts at the offices which respresent the areas covered by Enderby, Blaby, Broughton Astley, Huncote, Hinckley, Croft and Stoney Stanton and other villages in the South Leicestershire area.
How do I get my Unique Tax Reference (UTR) from HMRC?
The HMRC Self Assessment Helpline can arrange for your UTR to be sent to your home address by post.
Limited Company
How do I file my annual return?
As long as you have your 6-letter Company Authentication Code then you can log in to the Companies House website and submit your Annual Return electronically. If any of the 10 or so screens are confusing, ask your accountant for help. Though there is a cost for an accountant to do this, at Blue Skies we are experienced at using the interface, so can save you considerable time.
When are my accounts due by?
Your accounts normally need to be with Companies House 9 months after the end of the company accounting period.
How do I change the directors?
Director changes can be logged electronically on the Companies House website, or we cn organise this for you.
How do I transfer shares?
Share Transfers should be discussed with your accountant who can arrange the paperwork. There are many different options available, and certain share options can be more tax efficient, it is advised to consult an accountant on this matter. At Blue Skies we help a number of our clients in South Leicestershire with advice around shareholdings.
Partnership
What happens if my partner leaves or we want a new partner?
It is best to speak with your accountant in these circumstances as different methods apply to certain circumstances.
Payroll
How do I register my business for PAYE?
PAYE registration now takes place through the Government Gateway. This can be challenging to set up, so your accountant would normally register for you.
What is Real Time Information (RTI)?
RTI is the set of rules governing the compulsory notification to HMRC of all staff payments, made by the employer. So every time you pay weekly wages or monthly salary, or even ad-hoc bonuses, you need to send the information to HMRC. Your accountant can normally run your payroll service for you via payroll software already installed at their offices.
What can I pay myself each month before paying tax?
This depends on any other earnings you have, and a few other factors including whether you have a contract of employment, which must obviously not breach minimum wages regulations. Best to speak to your accountant.
How do I know how much dividends I can pay myself before losing tax?
This depends on what other income you may have during the tax year, and whether you have the most tax efficient structure yet. If you are not sure whether you are properly tax efficient, speak with your accountant.
VAT
How do I register my business for VAT?
VAT registration now takes place through the Government Gateway. This can be challenging to set up, so your accountant would normally register for you.
How do I account for VAT in my bookkeeping every month?
You must separately record the VAT element on every invoice within your accounts, and your accountant should be able to provide you with a simple example spreadsheet to start you going. It is important to have the right system to match with your business needs, Blue Skies can advise and support you in this.
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