As the end of the month draws near, 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 2020 as your ‘year end’, your Corporation Tax Return must be filed by the 31st October 2021. 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 2021 is the deadline for payment of Corporation Tax for those whose Business period ended 31st January 2021.
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 Government’s March 2021 budget announced that from April 2023, the main rate of corporation tax will rise to 25%. This will be the first rise in the main rate of corporation tax for more than half a century! This rate increase will not apply to all companies, however; only businesses with profits above £250,000 will have to pay the new 25% main rate of tax.
Another accounting deadline for October 31st 2021 is for postal submission of Self Assessment Tax Returns for the tax year ended 5th April 2021. If you need help filing your self assessment you can check the Government Information HERE or just give Hubu Accountants a ring on 0800 206 2625 and see how we can help.