Navigating regulatory requirements and staying on top of submissions can be a daunting task, but we’re here to help. This article encompasses what needs to be submitted by business owners* and NGOs throughout the year.
*A business owner can be anyone who has a company, is self-employed, or part of a partnership.
If you are a business owner…
You must submit:
- Your tax return annually.
- You VAT return quarterly, depending on the registration type and trading activity.
- Payroll monthly, including pay slips, FS5s, engagements, and terminations.
- Annual returns annually.
- Beneficial owners forms annually, if applicable.
- Audit accounts annually.
- FS3 and FS7 annually.
Keep an eye out for any tax credits and grants that you might be eligible for. Speak with a qualified accountant for better guidance on government schemes to be as tax efficient as possible.
If you are part of an NGO…
You must submit:
- Your tax return annually.
- Annual returns annually.
- Beneficial owners forms annually, if applicable.
- Audit accounts annually if the thresholds are exceeded.
- FS3 and FS7 annually if the NGO employs individuals.
Whether you are self-employed, a business owner, or part of a NGO, do not forget to conduct customer due diligence. Perform background checks to ensure that new customers are risk-assessed before engaging in business with them. Customer due diligence is important because it acts to prevent fraud, money laundering, and other illicit financial activities.
It is important to note that certain forms are subject to deadlines.
Seek the professional help of a qualified accountant to ensure that you are compliant, avoid late payment fees and penalties, maximise your tax status, and benefit from government schemes and incentives.
Disclaimer: This article is purely informational and does not replace the formal guidelines enforced by the authorities.