We also undertake to be current with the latest tax changes. This is especially important with the coming of “Making Tax Digital” (MTD) for the Self Employed and for owners of rental properties. We will advise you on requirements and help you avoid the new “penalty-points” system.
Currently, tax preparation begins after the previous tax year has ended on the 5th April. From this point up until the 31st January, unless you are filing a paper return, you can submit your tax return when you are ready. However, if your income from your business is greater than £10,000, then, after April 2026, you will also have to submit a quarterly MTD return followed by an “End of Period Return Statement” (EOPS) at the Year End. This date has been delayed by the government from the original proposed date of April 2024.
As these tasks can occur every quarter, are mandatory and are confined to tight and final deadlines, you may find that filing can be time consuming and confusing. It is highly beneficial to go to an expert, especially if you don’t like doing maths, or are unsure of your tax situation. This is not only saves you time, but also ensures that your information is being submitted correctly. The deadlines can vary depending on your business, method of submission and how you would like your tax payments to be collected, we can advise you on which is best suited for your company and situation.