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Showing posts with the label Tax matters

How to submit QPDs with Nil returns

So you were excited about starting a business, you've registered your company but are yet to start trading. QPDs are due and you know you have to submit your returns but haven't started making money. You have two options, one is to get a consultant to do it for you. The other is to do it yourself. Quite scary, intimidating or whatever word you choose to call it, but I’m hoping your outlook will have drastically changed by the end of this article. You can choose to go with a consultant, which is recommended when you are making significant income, but you can also simply do it yourself at no cost and I will show you exactly how.  What are QPDs? QPDs stands for Quarterly Payment Dates. These are estimates of your taxes on projected annual profits that are paid in quarterly instalments. So when the year begins, you make forecasts of how much your business will make in that year, and then break down the total estimated tax into smaller tax units that you will be paying every quarter