As the end Winter is closing in, and at this time of the month most people will be focused on getting ready for Halloween celebrations on the 31st October. But for Hubu Accountants this date means something completely different - deadlines!
If you are a limited company business you will be aware of the 19% Corporation tax bill payable on a yearly basis. Corporation Tax is a tax that all limited companies must pay and it's payable against any profits that company makes. For companies with October 31st 2023 as your ‘year end’, your Corporation Tax Return must be filed by the 31st October 2024. If you have an online accounting system such as Intuit Quickbooks or Xero, your accountant should have access to your account, allowing them to double check any entries you have made and help to rectify any errors.
Please be aware that November 1st 2024 is the deadline for payment of Corporation Tax for those whose Business period ended 31st January 2024.
According to The Institute for Fiscal Studies the main rate of corporation tax has dropped substantially over the last forty years, from 52% in the 1970’s to 19% now. The good news is that Government’s latest budget announced that theCorporation Tax charge and rate will stay at 1.8. This means that the legislation in Finance Bill 2024-25 will set the charge for Corporation Tax as it does every year, and to maintain the main rate at 25% and the small profits rate at 19%, for the financial year beginning 1 April 2026.
Another accounting deadline for October 31st 2024 is for postal submission of Self Assessment Tax Returns for the tax year ended 5th April 2024. If you need help filing your self assessment you can check the latest Government Information HERE or just give Hubu Accountants a ring on 0800 206 2625 and see how we can help.
Comments