For every online business, there comes a time when you need to sit down and sort out your taxes. It is not always fun, it is not always easy but it is something that needs to be done. We have got some helpful tips and advice to get you prepared for tax time.
Online Business Need to be Prepared for Tax Time
The tax year runs from the 6th April 2017 to the 5th April 2018. You must complete your online tax 31st January 2017: Deadline for 1st payment on account for 2016/17 tax year
5 April 2017: Deadline for claiming tax overpaid for the 2012/13 tax year under self-assessment
6 April 2017: First day of the new tax year 2017/18
6 April 2017: Time to gather detailed documents for your 2016/17 tax return and if you’re self-employed or have income from property in the year ended 5 April 2016.
31 May 2017: Last date to give employees a form P60 for 2016/17
31 July 2017: Deadline for 2nd payment on account for tax year ending 5 April 2017.
5 October 2017: Deadline to register with the HMRC if you became self-employed or started receiving income from property. You should submit a form CWF1 for self-employment or form SA1 for non-self-employedincome to HMRC.
31 October 2017 (midnight): Deadline for paper self-assessment returns for 2017/18 tax year
30 December 2017: Deadline for online submission of self-assessment tax returns for year ending 5 April 2017 for HMRC to collect tax through PAYE tax codes where they owe less than 3,000.
31 January 2018 (midnight): Deadline for online self-assessment tax returns for 2016/17 tax year.
31 January 2018 (midnight): Deadline for paying tax bill for tax year ending 5 April 2016/17.
5 April 2018: End of tax year 2017/18 eturns on the 31st January 2018. These are dates you need to be adding to your calendar.
Online Businesses Get Your Receipts In Order
You need to have your receipts sorted before the deadline. You can try keeping a folder of all your receipts. However, if you are going to be completing your taxes online you need to scan your receipts. There are apps that can help you do this. They are quicker and usually easier to use than scanners on printers. The bonus is, most of them are free.
You need to be aware of tax deductions. For example, tax deductions can incur for travel costs if it has been important to the business. If you go away on business and need to stay somewhere overnight the expenses of that trip can often be tax deductible.
These are just a few things you need to be aware of and prepared for when it comes to doing your taxes for an online business.