The deadline for sole traders, partnerships, small businesses and new start-ups to submit tax & self-assessment returns and pay any tax due is the 31st January each year. Limited companies should submit their annual accounts within 10 months of their year-end.
By contacting Julie Wakeford Chartered Accountant early in the year allows you more time to gather your records. Whilst you do not need to actually submit your annual accounts to Inland Revenue until the 31st January you are able to budget for any tax you may be liable for. Again late payment of tax will incur financial penalties and interest will accumulate. Where you are due a refund you can claim it straight away.
Julie Wakeford believes that each business should be free to do what they do best, without the worry of annual tax regimes.