It is mandatory for a director of limited company to register for self-assessment according to HMRC. This area can be a time consuming and often confusing for some individuals.
Missing deadlines, delivering incorrect returns or failing to retain or present appropriate records the Inland Revenue can penalise you.
The base period reporting regulations were in effect until 5 April 2023. This indicates that, within the applicable tax year (which runs from March 31 to April 5, the following year), you declared profits in accordance with the end date of your business accounting year.
For instance, you would have declared profits on your 2022–2023 return for the entire year (1 January 2022 to 31 December 2022) if your accounting year ended on December 31, 2022.
As of April 6, 2023, the new tax year basis is in effect. This implies that even if your accounting year ends at a different time, you will still be required to record earnings through the conclusion of the tax year.
Your profits might need to be reported if your accounting year ends outside of the dates of March 31 and April 5.
Our expertise with use of relevant software and will guide you on your personal tax positions and the planning opportunities available to you.
At Artifin Accountants we take care of all matters related to Self Assessments for our clients and can provide tailored packages and advice.
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