This depends entirely on your business. If, for instance, you are a sole trader and your accounts are fairly straight forward, you will probably be better off taking some time to do it yourself. If, on the other hand, you have a larger company and employ staff then your accounts might prove complicated making using an accountant worth the cost.

When you work out your income and outgoings for the year, you may just realise that your business is no longer viable. This means that your business is unlikely to survive and is either in debt or won't be able to meet outgoing costs or make a profit. In this case you may be in a better position to close the company and file for insolvency. At LCI Limited Company Insolvency, we offer free, no obligation advice. Fill in the form here and one of our specialists will give you a call back as soon as possible to chat through your options.

You will still need to file your tax returns even if you miss the deadline. You'll usually have to pay a late filing penalty of £100 if your tax return is up to 3 months late. If it is later than this then you'll have to pay more. You'll be charged interest on any late payments. This year, because of covid-19, there is a little leeway and you’ll not get a late filing penalty as long as you submit your online return by 28 February 2022.

If you make a mistake, you have 72 hours or 3 days to make any changes to your tax return after you’ve filed it. Your tax bill will be updated based on what you report. You may have to pay more tax or be able to claim a refund for tax already paid.

If you are a sole trader then you should only need to file a self employment tax return and then make sure you pay your tax on time. Remember that corporation tax is different to self employment tax. If you own a business and pay yourself, then you will also need to file a company tax return and file your accounts with  Company's House. You can file your accounts with Companies House and your company tax return with HMRC at the same time if your limited company doesn’t need an auditor. Most smaller companies won’t need an audit and HMRC say they are only needed if it states that the company needs one in their articles of association, or if the company shareholders ask for one. 

You can file all tax returns online. Self employment tax returns can only be filed online if left to the January 31st deadline so if you want to file on paper, you need to do so by the earlier deadline. If it is your first year filing a self employment tax return then don't leave it to the last minute. You will need to register first and this can take up to 20 days. An accountant can file your tax return for you if you employ them to do so.