Business & Investment

Top Small Business Tips to Meet All Those Important Deadlines

Getting the right support and guidance is invaluable in preventing costly disputes with HMRC.

It’s clear, but the events of the last few months have upset the world for many companies. What appears to be less noticeable throughout is the impact on small suppliers, self-employed and contractors just below the food chain. Hopefully, the penny’s final fall and the Prime Minister’s announcement of a wider range of support measures indicate that it may have finally happened.

The constant bullets of announcements and support measures were difficult for many to track as the government tried to keep the economy intact: postponement of income tax, Self-employed income support subsidy, Extension of repayment period of “pay according to growth” rebound Loans, VAT concessions, options to reduce working hours, “Time to pay” About self-reporting. Simply put, it was a flood for employers, employees, freelancers, and contractors to absorb, not to mention the basic task of balancing income and expenses. ..

The important thing, and perhaps the serious problem lost in the turmoil, is the self-assessed tax returns and, in many cases, the tax deadline originally due on 31 July 2020 on January 31st. Is to reach. A vast range of populations are likely to take advantage of the UK Government’s concessions, at least in the short term. However, while extending payment terms is useful and perhaps obvious, we do not recommend not submitting returns by the deadline. Fines can be imposed even during these most difficult times. If you’re not doing this right now, the advice is to make sure you’re faster than slower, or to appoint an accounting solution expert to manage it on your behalf. It helps reduce the burden and can be achieved with a relatively modest fixed monthly fee.

It is also very recognizable that the support measures provided by the UK Government are temporary and, if not properly explained and planned, a loan or deferral can quickly become a major liability. Is important to Needless to say, the huge bailout leaves Britain with astronomical debt levels, which need to be restored in the future. So while this may seem like the only thing on your agenda right now, it’s important not to lose sight of what’s coming next.

Contractors and freelancers remain worried about the looming IR35, which has been postponed but will come into effect in April 2021. There is no reason why contractors will not be able to continue working outside the scope of IR35 regulations after April next year, mainly because the rules have not changed. .. However, getting the right support and guidance and getting a professional contract and work practice review (both the end client and the contractor itself) is very important to prevent costly disputes with HMRC. is. Again, working with a professional accounting solution provider can address these issues in a very cost-effective way.

Unemployment is central to the UK government’s winter economic plan, and there is clear evidence that more and more people are facing this threat and are trying to start their own businesses and manage the problem themselves to be commendable. .. The same theme was applied to the 2008/09 economic crisis, and many businesses established during that period are growing steadily. The surge in purchases to allow landlords is probably a good example of a sector that has followed this trend. Self-employed online trading is another. It can. Again, taking the right advice, keeping accounting and tax issues in place, and meeting all the required filing deadlines are an important part of a good business plan and many prosperous companies. Is doing so based on strong housekeeping and good business practices.

These are unusual times with few signs of an end date, but they will affect what can be changed, keep your finances tight and pay dividends in the future. Literally, there is no time like it is now.

Daniel Farrows Managing Director of Gorilla Accounting Limited.

References: Maximize tax exemption allowance before the end of taxation

Top Small Business Tips to Meet All Those Important Deadlines Top Small Business Tips to Meet All Those Important Deadlines

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