We are now only 100 days away from the Self-Assessment tax deadline on 31 January 2024.
As a small business owner, you will no doubt know that taking timely action is crucial to avoid unnecessary fines and stress.
This blog is a reminder to start your tax return process now, rather than waiting until the last minute.
Why start preparing early?
Being proactive and completing your tax return ahead of time provides you with the advantage of knowing exactly what your tax obligations are.
This, in turn, allows you the freedom to plan your payments in a way that suits your business’s financial situation and gives you a more accurate view of cash flow and accounts issues.
Where to find help with your tax return
HM Revenue & Customs (HMRC) offers a range of complimentary online resources for business owners.
You can find these by searching ‘Self-Assessment’ on the GOV.UK website or by clicking here.
You should take full advantage of these tools to ensure you’re fully prepared.
If liquidity is a concern and you’re unable to make full payment upfront, HMRC is more than willing to work with you to establish a manageable payment plan.
If your tax liability is less than £30,000, you could also qualify for a ‘Time to Pay’ arrangement, which can be set up online without needing to interact directly with HMRC.
In addition, an accounting professional can assist you with the complexities of Self-Assessment tax returns and ensure you remain compliant with the associated rules and regulations.
They can help to submit your return on time and take away much of the hassle related to the process.
For more information on how an accountant could help you complete your tax return, get in touch with one of our experts.
