When should I do my Tax Return?
Firstly let’s see if you need to submit a Tax Return.
If you are self employed as a sole trader or if you are a partner in a business partnership and have earned more than £1000 before any expenses have been taken into consideration, you will need to submit a Tax Return. You may also have to submit a Tax Return if you receive income from property rentals, tips or commission, if you are in receipt of any foreign income or income from investments and savings.
BUT …..
Remember, you can claim the cost of running your business.
A list of allowable expenses can be found in another of our blogs ‘Tax Return Information and Tips’
All Tax Returns filed online must be submitted by the 31st of January. If you miss this deadline a penalty will be charged whether you have tax to pay or not or even if you have already made payment.
You will incur a penalty fine of £100 for late submissions for up to three months late. After three months penalty charges will increase.
You can find more information on HMRC penalty and charges by clicking on the button .
WHY WAIT?
The deadline may be the 31st of January but why wait?
Did you know that you can submit your Tax return as early as 6th April.
If you submit your Tax return before the deadline it will enable you to prepare for any payments that may be due by 31st January. It will also help to avoid paying any unnecessary fines and ensure you will be aware of your financial position come January.
A Fun Fact
On Christmas day 2022, 3275 people filed their tax returns!
So why leave it until the last minute and spoil your Christmas?
Here at Perfect Balance, we offer a discounted price for clients who wish to get their Tax Return organised early! Not only will you save money, you will also be less stressed in the knowledge that you’ve ticked a humongous task of your already full To Do list.
If you would like more information on how we can help you, please contact us using the contact from below.
Remember
Perfect Balance remembers your deadlines so you don’t have too!
TOP TIP
A top tip for anybody that hasn’t already done so, is to subscribe to a software that can help manage your accounts. Being able to upload your business expense receipts and reconcile them to the correct accounts at the touch of a button not only saves you time but allows you to access any reports and help organise you for your annual Tax Return.