A SIMPLE GUIDE TO SELF-ASSESSMENT TAX RETURNS AND CORPORATION TAX RETURNS
Self-assessment tax returns and corporation tax returns are both important forms that individuals and companies must complete in order to declare their taxable income to HM Revenue and Customs (HMRC) in the UK.
HERE IS A SIMPLE GUIDE TO COMPLETING BOTH TYPES OF RETURNS:
Determine your tax obligations:
Self-assessment tax returns are mandatory for individuals who are self-employed, have untaxed income, or receive income from abroad. Corporation tax d on companies that are resident in the UK or have a permanent establishment in the UK and have taxable profits.
Register for self-assessment or corporation tax:
If you are required to file a self-assessment tax return, you must first register for self-assessment with HMRC. If your company is required to pay corporation tax, you must register for corporation tax with HMRC.
Gather financial information:
For both self-assessment tax returns and corporation tax returns, you will need to provide detailed financial information about your taxable income, including information about your sales, expenses, and assets.
Complete the tax return form:
The self-assessment tax return form and the corporation tax return form are both available online or on paper and should be completed in full, providing accurate and up-to-date information about your financial performance.
Calculate your tax liability:
Use the information provided in the tax return form to calculate the amount of tax you owe to HMRC.
File your tax return:
The self-assessment tax return must be filed with HMRC by the deadline, which is usually 31st January. The corporation tax return must be filed with HMRC by the deadline, which is typically 12 months after the end of your company’s accounting period.
Pay any tax owed:
If you owe tax, make sure to pay it by the deadline to avoid late payment penalties.
It’s important to keep accurate financial records and to seek professional advice if you’re unsure about anything. This will help to ensure that your tax returns are completed accurately and efficiently and that you or your company are meeting your tax obligations.
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