Company Tax Return Due
Every year many small businesses, specifically those under the age of 5 years ask us “When company tax return due? “. It is a very common enquiry amongst new start-ups who have just started their company and are still trying to figure things out. To most small business owners this can be a daunting task, especially when you have just started with your company, trying to figure out how to get it all paid on time. This article will talk about ways to successfully get your company registered with the Revenue and Customs and still manage to raise capital.
How to Solve the Tax Return Due
Raise Capital through other means
Firstly, it is important to know that when we talk about “how to get your company tax return due” there are two ways you can go. Firstly, you can try to raise capital on your own to pay for all the taxes you need to pay. This can be a bad idea, as usually if you have any money left over after paying for the cost of your company tax, you would not then be able to pay the rest back, so you would be left broke. To avoid this, most business owners tend to use their personal credit card, or another form of financing such as a bank overdraft. In most cases however, it is better to raise capital through other means, which is why we talk about how to raise capital for when company tax return due.
Sole Proprietorship
Secondly, some business owners try to save their companies tax burden by forming “creative” enterprises. These types of companies are usually limited in nature, with just one owner and a number of employees. These types of businesses are normally only concerned with a single aspect of the business, such as marketing, and have no other duties to their parent company. However, this should not fool you, as these businesses may still be subject to company tax, despite being set up as a sole proprietorship.
Hire Qualified Accountant Expert
The best way to deal with a situation when company tax return due is to contact a qualified accountant experienced in such cases. You need to find one who has an excellent record of winning awards in tax cases, as he will know exactly what to do. In most cases however, there is little that can be done if you are a sole proprietor. Even if you have several employees, they cannot all be paid at once. A professional will know all of your options, as well as the best way to go about raising enough capital to pay everyone. This can be done by tapping existing customer relationships, taking on new clients, or selling company assets.
Forming Company
Forming a Limited Liability Company also has its advantages. The advantage of a LLC is that you can separate the assets of your company from your own. This will create some much needed financial protection for the company, which in turn will help it to stay afloat during tough times. Also, the limited liability structure protects you from personal lawsuits that can result from wrongdoings by your employees or from natural disasters.
payroll Taxes
If you have employees, you may think that you can pay their wages and payroll taxes through your company and save money by doing so. But when company tax return due is due, you must pay them individually. This could lead to wage garnishments, fines, and even jail time if you are unable to come up with the money. By forming a C corporation instead, all of the wages and fees of your company are filed separately from your personal income and that of your corporation.
Business Entity
Forming a Business entity also has many advantages, especially when company tax return due arises. For instance, when you form a corporation, all of your personal assets are held by the company. This means that you are protected from any creditors and that you are only responsible for the value of the assets that you personally have ownership of. While there are some risks involved with forming a corporation, they are minimal compared to the risks involved when you do not form one.
Conclusion
Forming corporations is a very important process, but it is one that should be taken seriously. This is especially true when company tax return due is an issue. By taking the time to form your corporation properly and to make sure that it is exempt from most liabilities, you can protect your company and your personal finances. And the best way to do that is to talk to a qualified accountant.
