Business and the year 2020 did not mingle well together at all, which makes the tax situation even more complicated than it previously was in the UK. The following tips should prove to be quite useful and help small businesses manage their taxes in a timely manner, even in 2020.
Missing Figures: Delaying Will Not Help
It’s natural to be tense about missing figures and confirmations, especially when it’s almost time to file your tax return. However, delaying the return will only make things worse. Instead of delaying both payment and filing, just make an estimate and file accordingly in time to avoid fines.
If there’s a discrepancy between what you had paid and what the late figures and documents have confirmed about your income, include the details and submit the amendment to the HMRC online. Unless there’s a reason to suspect foul play, the company will not be penalised for an amendment.
Get to Know More About the Fines and Penalties
Now, this is more important than most young businesses may realise. For example, we know that everyone and every establishment that fails to file their taxes in time will be penalised, but did you know about the following?Continue Reading