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Get Clued Up On The Important Tax Dates For Entrepreneurs

At The Money Haven, I give you a safe space and the support you need to sort out the money side of your business.

I combine hand holding for the emotional overwhelm and practical actions to support you doing what you need to do for yourself or help you understand and feel in control about what your accountant does. 

Limited company accounts, VAT, payroll and doing it all for you are services I don’t offer so this is a contributed post from a firm of accountants who can. (You can find out more about me and how I can help at the end or contact me).

Bear in mind these dates don’t all apply to everyone! 

 

Get Clued Up On The Important Tax Dates For Entrepreneurs

 

As an entrepreneur, you need to have your finger on the pulse of not just your industry, but any legal and financial changes that may affect you. This includes the very important area of taxes and self-assessments.

Making sure to keep up to date with your tax payments is hugely important, as a heavy penalty further down the line could cause a great deal of harm to your business.

A late payment to HMRC can result in a huge fine, depending on how much is owed and this may be something your business simply can’t afford.

 

 

How can you keep up to date with all the important tax dates?

 

When you’re busy running a business, it can be too much to ask to store every important date in your head.

Calendar apps that work across all devices, such as Google Calendar [Rosie: I use this], are ideal for busy business owners to keep up to date on the go. Set up notifications well in advance of deadlines to ensure you never miss an important date.

Below, Manchester based accountants, Alexander & Co have put together an infographic of every important deadline date you need to know as a business owner. These dates include deadlines for things like self-assessment dates and end of year tax returns.

 

 

How should you prepare for these?

 

Make sure to keep in regular contact with your accountant to ensure you know exactly what is happening with your finances. This not only helps you avoid any nasty surprises, but it also means that any issues or snags that may hinder you from reaching a HMRC deadline, can be dealt with swiftly and in time.

Ensure all of your accounts are up to date and you have copies of all important documents. Check that your accountant has everything they need to help you reach these deadlines and avoid any penalties that may occur.  

What penalties could you face if you miss a deadline?

 

If you miss a deadline or payment deadline, you could be facing a fine. This can range from £100+ depending on your income and the longer it goes unpaid, the bigger the fine will become.

Late payment fees will be added onto the outstanding balance and you may find yourself paying double, or even triple the amount you would have done originally.

As soon as you are made aware of any issues with your returns or submissions, you should notify your accountant. They will be able to help you understand the proceedings in a more digestible manner and help to resolve the issue in time to avoid any further fines.

Understanding important tax dates and being able to properly manage your time when it comes to these deadlines, will not only save you a huge amount of stress, but it will also ensure your business stays out of trouble with the HMRC. To find out more information on important tax dates, visit HMRC official website.

 

How I Can Help

I give you a safe space and the support you need to sort out the money side of your business.

I combine hand holding for the emotional overwhelm and practical actions to support you doing what you need to do for yourself or help you understand and feel in control about what your accountant does. 

Book an explore call (it’s free) or contact me.

To your financial self care,

Rosie x

 

This is a contributed post.

 

 

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