THE TAX RETURN 2017-2018 ALREADY STARTED! KNOW WHY IS IMPORTANT TO KEEP EVERYTHING UPDATED
Tax planning is a complex but important process that is needed in every business. It can become a heavy burden for your firm if not properly taken care of. The significance prompts tax preparers to always keep themselves updated on policy change and recent legislation. Now that the tax return 2017-2018 has already taken effect, calculating the effect of such changes on the overall tax liability of your firm is needed. The tax changes for 2017/2018 may affect many taxpayers while others may as well benefit from it. The changes will affect many taxpayers, some changes will make you happy and others you are not going to like. For one, alimony is no longer deductible by the payee after December 31, 2018. As good as it might sound for the person receiving alimony it is not so good if you must pay for it.
5th October 2018: This is the deadline date for sole traders, self-employed, company directors or partners in a partnership to register for self-assessment.
31 July 2018: Deadline for your second Self-Assessment payment on account for the tax year that ended 5 April 2018.
31 October 2018: Deadline for paper Self-Assessment return for the tax year that ended 5 April 2018.
31 January 2019: If your tax year ended 5 April 2017, this is your deadline for online Self Assessment return. This is also the deadline for paying all remaining Self-Assessment taxes due for the tax year that ended 5 April 2018.
NB: There will be a penalty if you file your income tax returns after the due date. Though this is the first time it will be effective as current rules apply.
When it comes to UK tax return, many businesses often seek advice from a tax specialist. Here’s why you need a specialist to handle your tax return.
- Customers are 100% satisfied
- Reduction in the cost of tax preparation by 40 – 60%
- Learning the A-Z of taxes takes a very long time
- This task is handled by experts who deliver timely – faster turnaround
- Trust, confidentiality, and security
- Personalized services
- Improved and quality service
- Keep everything updated and organized
There are many tax preparation and return services that can make things a lot easier for you. If you are looking for a tax specialist for your business in the UK to prepare your tax return, you can consider SJPR Accountants. Our experts file the data, create track sheets, and perform other necessary things needed to update and file your tax return.