22 February 2024Read more
As we approach the 31 January 2024 tax return deadline, it’s crucial for sole traders, to be well-prepared and aware of your obligations.
Below, we outline some practical steps to help you navigate the complexities of the Self-Assessment tax return, a vital aspect of managing your business’s financial responsibilities.
Understanding the Income Tax Self-Assessment (ITSA)
The Income Tax Self-Assessment (ITSA), sometimes referred to as form SA100, is an essential document for anyone who is self-employed in the UK.
The filing requirement applies irrespective of whether you’ve made a profit this year and the process involves declaring your income and calculating the tax you owe.
The deadline for submitting your ITSA is 31 January 2024 and adhering to this deadline is critical.
Late submissions can result in unnecessary penalties and interest charges, adding to your financial burden and putting your business at risk.
If you miss the deadline, interest charges will accrue and any late payments on account, also due on 31 January, will attract additional interest.
These charges can accumulate quickly, making it more expensive the longer you delay payment.
How an accountant can help
Hiring an accountant can significantly ease the burden of tax preparation and prevent any late payments from being necessary.
An experienced accountant can offer a range of services that can be particularly beneficial:
Preparing for the deadline
To prepare for the 31 January 2024 deadline, consider taking the following steps:
By following these steps and seeking professional advice, you can ensure a smooth and stress-free submission of your Self-Assessment tax return, avoiding penalties and staying compliant with UK tax regulations.
We have a range of resources to share with you on the ITSA obligations and regulations and can offer strategic tax planning advice to reduce your liabilities.
Please get in touch if you require any help completing your Self-Assessment tax return.
20 February 2024Read more