This means you keep all your profits less due tax, but it also means that you are responsible for the company debts. In the UK tax year runs from 6th of April to the 5th of April. The deadline for submitting your self-assessment tax return is 31st January of the following year.
It is very important to keep correct record of all business transactions
TaxLinc can help you to set you your business and keep records as required by HMRC.