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Income Tax and Self-assessment

Mon, 21 July 2003

This section will touch on your Income Tax responsibilities as a start-up.
This simply means that you provide details of all taxable items for the financial year to HM Revenue and Customs. You don’t have to calculate the amount of tax that will be payable - HM Revenue & Customs will do this for you - but you can do so if you wish. Either way, it is advisable to seek the help of an accountant, who will ensure the financial information you provide is correct.
There are three dates to be aware of when completing a tax return:
• 31 October (after the end of tax year) – this is the deadline for submitting paper returns.
• 31 December (after the end of tax year) - is the deadline if you want your tax due collected through PAYE if you have an employment.
• 31 January is the final deadline for online returns.
Note: tax overpaid will be repaid as soon as possible by the Revenue.
If in any doubt about tax issues - it is always recommended you get an accountant to help you. 

Income Tax 

Sole traders and partnerships must pay income tax on the net profit that the business has generated during the tax year. Limited companies pay corporation tax, which is a set rate.
To work out your net profit, simply refer to your profit and loss account. However, remember to deduct all expenses that have been incurred by the business in the financial year. It is advisable to use the services of an accountant, who will be able to tell you which items are tax deductible. Such items may include the accountant’s fees!

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