Do NOT Throw Money Away!
Not that I think you would but without proper planning, you may not be aware of the opportunity you have in relation to Corporation Tax before 30 June.
Has your company a year end of 31 December 2018? Are you paying Corporation Tax on profits in September or paying yourself a bonus before the deadline?
Either way you will need to consider the cash flow implications of what taxes you are paying. Whether it’s Corporation tax (and you have preliminary tax again in November!) or payroll taxes due on bonuses, you have limited time left to decide.
Plan your cash flow now before 30 June to know how much tax you’ll be paying.
Talk to your accountant NOW if you have profits for 31 December.
If your accountant has mentioned your company tax bill without discussing whether or not you want to pay yourself a bonus, talk to them and make sure filings are tax efficient and you know the options available to you.
Have a great weekend folks
[17 May 2019]