Making sure that you get your corporation tax right can be one of the most important things that your company does in any given year. After all, failing to get it right could result in some hefty fines. Below are the 5 things to remember when submitting corporation tax to make tax season as simple as possible and get back to the important work of your business.
Remember when your taxes are due
One of the most important things to remember surrounding your taxes is knowing exactly when they are due. If you forget when to pay them, you could find yourself in a mad scramble come the end of March and you’ll end up trying to get absolutely everything in order all at once, potentially resulting in mistakes. Saving the date can not only save you time, as you can plan in advance, but it will save you money too.
Keep accounting records
Keeping an accurate record of all of your transactions can be extremely helpful when it finally comes to submitting your end-of-year taxes. Trying to backdate dozens of transactions that weren’t properly recorded and work out exactly where every single penny went six months on is challenging. It’s easier to simply read back over the records you took at the time.
The transactions you’ll want to track include:
– Investments from outside sources
– Sales income
– Advertising spending
– Supply costs
– Anything else that might have an impact on your company’s bottom line
Use reliable software
When it comes to tax, human errors can put all your information at risk, but this can be avoided by making use of reliable corporate tax software. Software such as that offered by BTC Software can offer an excellent level of accuracy, keeping track of all your finances throughout the year. As long as you keep it updated with all of your financial transactions and information, your tax returns will remain accurate and HMRC compliant.
Making a mistake on your tax returns can be costly, so you need to check everything you enter twice. If you get every bit of information right, you can save yourself from having to deal with rebates. You’ll also be ready if your company gets financially audited. It might seem like one of the most basic steps that you could take, but it’s one of the most important.
Make the payment
Finally, you need to actually pay your taxes. After all, imagine getting everything ready just to forget to pay them! You can visit the UK’s corporation tax portal for more information about important dates and to make a payment. Corporation tax is an unfortunate necessity of running a business, but if you follow the steps above, it won’t be a worry anymore.