Day 22 of Christmas

Deadlines, but does it have to be this way?

HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.

The last tax year started on 6 April 2021 and ended on 5 April 2022.

You can file your tax return as early as 6 April.

You need to register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership 5 October 2022

Depending on the way your tax return is filed:

Paper tax returns by Midnight 31 October 2022
Online tax returns by Midnight 31 January 2023
Pay the tax you owe by Midnight 31 January 2023

There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).

You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse.

When the deadline is different

Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension.

HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company. You cannot send a return online.

HMRC might also email or write to you giving you a different deadline.

So where are you up to? If you aren’t best with money and need time to gather some cash flow, file your tax return as early as possible to give you time to pay.

If you have system like Profit First in place, then I’d still recommend to file as early as possible.

You will very likely save money on bookkeeping and accountancy fees as it can get expensive closer to deadline it gets.

But also as there is authorisation and onboarding new client required you may not file it on time due to postal delays or HMRC sending authorisation codes to agents.

So, what are you waiting for?

#deadline #newtonlewillows #Lowton #leigh #Golborne #sthelens #profitfirst