Managing your tax for a small business
24 May 2021
Running a business can be tough, you have enough hurdles to face let alone managing and paying your tax bill. Depending on your business you may have several taxes to pay such as Corporation Tax, VAT, Income Tax, PAYE and CIS. With so many taxes to manage its no surprise that you may miss a deadline for submitting a return or paying your tax.
Our recommendation is setup an HMRC online account to manage your tax. With an HMRC account you can have one dashboard to manage all your taxes so you know if you have any tax outstanding, how to pay, when to pay and what penalties may have been charged. It is also a good to make sure that your returns have been filed and received.
As the days go on we can see a push from HMRC to make everything digital. What you use to do by post can now only be done online. There is usually a quicker processing time, and you should find once you have been setup you will save time too.
That’s our top tip for managing tax in business. Setup a HMRC account today. Click here to go to the HMRC website and follow the links to create an account.