Ticking boxes could save you a fortune…
Everyone who has ever had a job, throughout the entire history of mankind, did it for a reason. For some, it was purely out of love for the cause and they worked for free. Others it was part of a penance or sentence and they worked for freedom. For some, freedom was beyond their reach and they worked because they had no other choice…
Today, most people work because they have bills to pay, families to feed and boxes to tick. Some may enjoy what they do from ‘nine to five’ or ‘seven to seven’, but I don’t think there are many who would work those sort of hours purely for the love of the work. In the end, it is money that makes the world go around and a love of freedom which drives pretty much everything else for the good people of the world. (Let’s not linger on the bad too much here.)
Boxes for pain and boxes for gain!
I mentioned ticking boxes amongst the main reasons that we work. These are many of these in life that we all have to face and some of them are nothing more than expenses such as council tax, car tax, energy bills, food bills, TV license and so on… Those boxes are generally a bit of a nuisance, albeit a necessary fact of life if we want to maintain a standard of living for our families.
But there are boxes which can be even more damaging if ever missed. For contractors and the self-employed, these are known as Statutory Obligations and can cause fines, interest and a whole heap of trouble if missed or ignored.
These boxes include:
- Statutory Accounts filing deadline: 9 months after the accounting period ends
- Corporation Tax payment due date: 9 months and 1 day after the accounting period end
- Corporation Tax Return filing deadline: 12 months after the accounting period end
- Annual return filing deadline: the anniversary of the company’s incorporation date (usually)
- Monthly Payroll submissions under RTI: BEFORE paying any employees
- PAYE end of year return filing deadline and payment due date: 19th April each year
- Personal Tax Return filing deadline: 31st October (paper) 31st January (online)
- Personal Tax balancing payment due: 31st January
- Personal Tax payment on account due dates: 31st January and 31st July (if required)
- VAT returns and payments: 1 month and 7 days after quarter end (must be online)
There is a box which brings abundant happiness, though!
If even reading the list above brings you feelings of pain, despair and tightening up of muscles all over your body, then there is a simple answer. Tick the one box which says to your accountant, “Please, will you look after that for me?” It is amazing how quickly a single tick in the right box can take away all the stress and anxiety of many others.
Of course, you still need to pay the right things at the right times, but a good accountant will help you to budget for and manage those inevitabilities too.