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 If you miss the deadline for filing your tax return, you will be penalised. Make sure you file your taxes by the specified date. Online filing of individual tax returns for the 2014–15 tax year (which concluded on April 5, 2015) is required to be completed at the very least by January 31, 2016. This deadline also applies to the payment of any taxes that are past due for the 2014-2015 fiscal year. It is imperative that this date not be missed in order to avoid incurring the penalties that are associated with filing taxes late (even if no tax is due). A late payment of tax results in additional fees, including interest and penalties. Cheap accountants in London There are fees associated with late returns. The penalty structure for failing to file one's self-assessment returns on time is stringent. Even if the whole amount of tax that was owed was paid on time, a penalty may still be assessed if the tax refund is even just one day late. If you miss the deadline to submit your return...

 What what is the Corporation Tax, and how exactly does it affect a Limited Liability Company? The regulation governing the corporate tax is one that you can find to be a little bit challenging to comprehend in its entirety. When it comes to comprehending corporation tax, don't worry; as intimidating as it may sound, Contractor Accounting is here for you every step of the way; as a result, we've produced the following brief tutorial to help you out. What exactly is the tax on corporations? Corporation Tax is essentially a levy on your profits or a charge on any money left over after all of your expenses (including salaries) have been subtracted from your turnover. In other words, it is a tax on whatever money you make after your business has paid all of its bills. For instance, if your company has a revenue of £130,000 and you incurred business expenses totaling £40,000, you would be responsible for paying Corporation Tax on the remaining amount of $90,000. Cheap accountants in...

 Calculating Research and Development R&D tax breaks for SMEs Research and development is critical to your company's growth and progress, but it may also save you a lot of money on your Corporation Tax bill. In our last post, a guide to research and development accounting, we discussed the types of expenses that could be claimed as permissible expenses against Corporation Tax. In this post, we provide an example of the calculations you must perform to determine how much money you have saved on your tax bill. The savings apply to both profitable and losing businesses, and we have included examples for both. According to HMRC standards, you can claim tax refund if you have less than 500 employees and a turnover of less than 100 million euros or a balance sheet total of less than 86 million euros. SME R&D relief permits your company to deduct an additional 130 percent of qualified R&D costs from your yearly profit, in addition to the standard 100 percent deduction, for a ...

 Self-Employed Tax Tips: A Tax Guide for Solopreneurs If you file taxes as a sole proprietorship, you may be unfamiliar with self-employment tax rules. Here are some pointers to help you make the most of your tax return . It is critical to keep correct financial records, pay self-employment taxes, consider retirement contributions, and take advantage of company deductions while filing taxes as a self-employed individual. This post will break down the most critical tax considerations for entrepreneurs, including how to properly save and file your taxes. Self-Employed Financial Records Tax Guide Maintaining accurate financial records is critical for a one-man or woman firm. This will make your tax filing procedure easier, and your future self will thank you. Record-keeping is also necessary in case you are audited at random by the Internal Revenue Service (IRS) in the future. Before proceeding, ensure that your records are separated into personal and business folders. To minimise co...