Every business needs to prepare annual accounts each year, either because of the Companies Act or because they are required to support the entries on their tax return.
With the ever increasing complexity of the business world and penalties for non-compliance, you need to get your administration correct. By being up to date and filing your business returns in a timely fashion, means you are in a good position to react to the changing business environment.
You have 28 days from the “made up date” ie. the date of the return.
PAYE/NIC is payable 14 days after the end of the tax month the wages were paid.
You need to file your VAT return electronically within one month and 7 days of the end of the return period.
An employer can reclaim the VAT incurred by the employees on fuel costs that are reimbursed by the Employer on the basis of cost or via a mileage allowance.
In today’s world of penalties and fines you need to keep up to date and submit your business returns in good time.