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Tax FAQs answered by experienced accountants.
SP McKeown & Co is your local accountancy expert offering practical advice and support.
Struggling to remember when your tax is due, or do you need to know which financial records must be kept? SP McKeown & Co has compiled a list of tax FAQs and answered them. Contact
us with your enquiry.
What do I do if I have become self-employed recently ?
Visit your local tax office or HMRC website to obtain form CWF1. Your business income and expenditure records will be required. However, we strongly recommend that you speak to an accountant for expert advice.
When is my tax due?
January following the end of that tax year on 5 April. In some cases, you will also have to make payments on account towards your liability on 31 January and 31 July.
What records must be maintained and kept safe?
All business income and expenditure, together with supporting invoices and receipts, will be required for taxation and related work.
Is VAT registration required?
If your product or service is VAT-able, then you must register if your turnover exceeds, or is expected to exceed the current threshold.
How does the pay and file system for corporation tax work?
For smaller companies, the corporation tax liability must be paid by 9 months after the end of the accounting period and the corporation tax return must be filed by 12 months after the end of the accounting period. Larger companies must pay in quarterly installments.
Is my company entitled to audit exemption?
It depends upon your company's turnover. The exemption figure has changed rapidly in recent years for both UK and ROI companies and charities. Contact one of our audit managers for details of the current threshold. Even if turnover is below that, shareholders in the company have the right to require an audit.
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