Newsletter issue - December 2023
We're reaching that familiar point of the year again when the deadline for Self-Employment Tax Returns begins to loom.
The best advice we can always offer to our clients is to collect all the relevant information and documents and share these with us as soon as possible. Of course, the key date everyone focuses on each year is January 31 - the HMRC deadline for submissions.
However, it's wise to provide your tax return information to us before the new year to ensure there are no last-minute rushes and to escape unnecessary stress. And crucially, of course, so that the deadline can be met successfully.
The 31 January is also the deadline to pay your tax. Therefore, another key point here is that by waiting until the end of January, you could find yourself in a situation where you've had an unexpectedly large tax bill. And you would be required to pay that sum immediately. By submitting your return forms earlier than January, it means you'll more breathing space to prepare to for the tax you owe HMRC. Or, on a more positive note, you may even be eligible for receiving a refund early.