Tax Liability Payments

Tax Liabilities - Payments 💴

This issue applies to all of the Taxes and something for individuals and Limited Companies and any other party owing Tax should be aware of

Payments do not usually clear on the weekend and on the bank holidays

There is the faster payment service, which do clear but then it is risky if it does not clear until the next working day and the payments are late such as Self-Assessment, PAYE, VAT and Corporation Tax or the financial institution which, you use does not offer faster payment service option

This will unnecessarily lead to late interest due, which may not seem to be high but if the tax liability is high for the period then the interest will add extra burden.

VAT - As long as the VAT has been submitted on time there will be no penalty points applied and as long as the VAT is paid within 15 days after the deadline there will be no late VAT payment penalty, however, there will be late interest until paid

Advice in order to be organised and better prepared 👇

• Aware of the various deadlines 📖
• Organise files to be better prepared 📕
• Keep a diary of all of the deadlines 📅
• Appoint an Accountant/Book Keeper/Tax Advisor 👨‍💼 🧑‍💼
• Ensure to have the funds 💴 in the bank 🏦
• Submission in good 👍 time 🕰️ rather than last minute

If you require any further advice or assistance, please feel free to reach out

Tel: 01212852534

Web: www.secureaccountsltd.co.uk

#accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto