Once your Annual Accounts have been completed it will be necessary to get them adjusted to show the “Tax Adjusted Profits” as this will be the amount that will be entered onto the SA Tax Return. In order to do this it will be necessary to carry out a number of adjustments from the basic Net Profit figure as per the Profit & Loss Account. Also, there will be a deduction of Capital Allowances due to the capital assets in the Balance Sheet. This will all be under the Income Tax section but there could also be Capital Gains tax payable which is also included.
The SA Tax return is due to be filed online by midnight on 31st January each year in order to avoid a £100 penalty.