Important Deadlines

5th April - End of the tax year

31st January - Online Self-Assessment submission deadline

31st January - Balancing payment due

31st July - Second payment on account due

VAT Returns - usually submitted quarterly depending on VAT period

Payroll submissions - usually require on or before employee pay date

HMRC Services & Guidance

 

HMRC Personal Tax Account

Manage your tax, National Insurance, Self Assessment, and PAYE information online

https://www.gov.uk/personal-tax-account

Register for Self Assessment

Guidance for sole traders and self-employed individuals registering with HMRC

https://www.gov.uk/registter-for-self-assessment

File Your Self-Assessment Tax Return

Submit your tax return securely online

https:/www.gov.uk/log-in-file-self-assessment-tax-return

Vat Registration

Information on when and how to register for VAT

https://www.gov.uk/vat-registration

Companies House

Register and manage your limited company

https://www.gov.uk/government/organisations/companies-house

How Long Should Records Be Kept

Sole Traders & Self-Employed

  • Keep records for at least 5 years after 31st January submission deadline of the relevant tax year

Limited Companies

  • Company and accounting records should be kept for 6 years from the end of the financial yesy

VAT Records

  • VAT registered businesses should usually kept for 3 years after the end of the relevant year

Records to Keep

  • Sales invoices
  • Purchase receipts
  • Bank statements
  • Payroll records
  • VAT records
  • CIS statements
  • Expense records
  • Mileage logs
  • Previous tax returns

 

 

EC Accounting services, supporting local sole traders, entrepreneurs and small limited companies to grow with confidence.