Christmas is coming, and so is your self-assessment deadline…

Alright, mates, put down your tools and listen up. We know you’re more at home on a building site than in front of a spreadsheet, but there’s a bit of paperwork that needs your attention before you can fully kick back this Christmas.

That pesky self-assessment tax return is due by 31 January 2024. It’s like finding a snag in a newly laid pipe — annoying but needs dealing with.

Meeting this deadline is vital if you want to avoid fines — so let’s dive in.

Don’t let taxes ruin your Christmas

We get it – your idea of a good Christmas doesn’t include doing battle with tax forms. You’d rather be neck-deep in a job well done than buried in tax receipts.

Missing this deadline, though, is like hitting a hidden nail with your hammer – it’s going to hurt. The pain comes in the form of a penalty from HMRC, which might not affect your Christmas budget but could leave you short as you start the new year.

Key deadlines you need to know

The last tax year started on 6 April 2022 and ended on 5 April 2023. This will be important to know when doing your tax return.

Deadline for submitting an online return
If you’re doing an online tax return, submit it by midnight 31 January 2024.

Deadlines for paying tax you owe
Pay the tax you owe by midnight 31 January 2024.

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, but you can appeal against a penalty if you have a reasonable excuse.

What if you don’t know your profit for the whole tax year?
You might not know what your profit will be for the whole tax year if, for example:

  • your ‘accounting period’ ends at a different time to the end of the tax year
  • your ‘accounting period’ is different to your ‘basis period’
  • you’re waiting for a valuation.

If you don’t know what your profit will be for the whole tax year before the reporting deadline, you should work out what it’s likely to be (known as ‘provisional figures’) and include those.

Don’t forget to tell HMRC that you’ve used provisional figures when you submit your return.

Imagine this…
You’re just about to put the turkey in overnight, and it hits you — you haven’t sorted your tax return. That’s a bigger shocker than finding out your level’s been off all day.

So now, it’s the night before Christmas, and while everyone’s hanging their stockings, you’re knee-deep in a pile of receipts, trying to make head or tail of your finances. Not exactly the festive spirit, is it?

Sort it sooner rather than later

Doing your tax return early means:

More time for mince pies
Get your tax sorted early, and you can spend Christmas Eve with your feet up, not chained to your desk.

No January dread
January’s hard enough with the short days and cold nights. Don’t add to the misery with a tax return hanging over your head.

Get a grip on your finances
Sorting your tax early gives you a clear picture of where your business stands as the year wraps up. That’s vital info for any tradesman planning for the future.

We handle the tax; you handle the tools

We’re like your backup crew when it comes to tax returns.

You wouldn’t leave a job half-finished for your client, and we won’t leave you in the lurch with your tax. We understand the last thing you want after a hard year’s graft is to wrestle with numbers and forms.

Our team is ready to dive into your tax return like it’s a big job on a Monday morning. We’ll make sure everything’s shipshape — accurate, on time, and above board.

You focus on what you do best — your trade and enjoying a well-earned break over the holidays.

Struggling to meet the deadline? Don’t sweat it – give us a call today. We’re here to help you keep your Christmas cheer!

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