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Keeping on top of your business finances – accounting dates to remember

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03 May 2017

By KPMG Small Business Accounting

As a gym or leisure club owner, keeping your business above water means retaining a firm hold on your finances. Despite all the other things you may have to think about - staff recruitment, equipment, member retention and supplier management to name a few - there are also a number accounting requirements and dates you must be aware of.

To make things easy for you, we have summarised the key deadlines below:

You must:

·         Prepare full statutory accounts and file accounts at Companies House - They should be filled within nine months of the end of the company’s financial year.

·         File a corporation tax return (even if you made a loss or have no tax to pay) - The deadline for your tax return is 12 months after the end of the accounting period it covers.

·         Pay corporation tax – Corporation tax must be paid within 9 months of the end of the accounting period for the previous financial year. For example, many small businesses have accounting periods ending on 31 March, meaning corporation tax bills must be paid by 1 January the following year (applicable to companies making a profit of under £1.5m).

·         File a self-assessment tax return – Nearly all business owners have to file a self-assessment tax return. Your return must be filed with HMRC by 31 January after the end of the tax year.

·         Pay your self-assessment tax – The deadline for payment is 31 January for any tax you owe for the previous tax year. If you owe more than £1,000 the first time you complete a self-assessment tax return, you will usually need to pay the same amount ‘on account’ on the assumption you’ll have the same earnings during the next tax year. The total payment is split into two equal amounts due on 31 January (to be paid with your main tax bill) and on 31 July.

·         Register your business for VAT – You must register to pay VAT when your VAT taxable turnover exceeds the threshold (currently £83,000) for any 12-month period.

·         Submit a VAT return to HMRC – VAT returns are typically submitted to HMRC every three months.

·         Pay VAT over to HMRC - The deadline for submitting your VAT return online and paying HMRC are usually the same.

·         PAYE obligations – As an employer, you will normally have to operate PAYE as part of your payroll to collect income tax and National Insurance for HMRC. You’ll need to report your employees’ payments and deductions to HMRC on or before each payday.

·         Paying PAYE contributions – You will have to pay amounts deducted under PAYE over to HMRC every month, but if you’re a small employer you may be able to arrange to pay quarterly.

 

If it’s still all too much to keep track of, there is always the option of handing over the responsibility to an accountant. That way you can focus on business development and the growth of your club.

To speak to a KPMG Small Business Accounting advisor about the key deadlines for your gym or leisure club, and how we can help you stay on top of those, call 0808 149 3098 or visit kpmgsmallbusiness.co.uk/leisure-fitness and complete a contact us form.

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