7 Simple Steps to Succeed with Self-Assessment
To get your Self-Assessment done right, and on time, you need to:
Make sure you’re registered and have a Unique Taxpayers Reference (UTR) provided by HMRC. You’ll need to do this by the 5 October after the end of the tax year in which you became Self Employed.
Register for a Government Gateway ID (if you don’t already have one), this will let you access your Self-Assessment records and submit your end-of-year Return online.
Keep careful note of your accounts through the year – this includes income, outgoings, and allowable expenses.
Making Tax Digital (MTD) starts for Self-Assessment in April 2024, so it’s a good idea to get used to the system now! Choose accounting software that covers your needs and doesn’t need redoing to get it online!
Every year you’ll need to fill in your Self-Assessment Tax Return, the deadline for most people is 31 January, but for some (such as those who are allowed to submit paper returns) it’s the 31 October.
If you miss the deadline, you could be charged with a £100 late filing fee!
Once your return is submitted, HMRC will calculate any tax you owe (or are owed) and will let you know, you will then have until 31 January (of the next calendar year) to pay.
You’ll need to keep your accounts for at least 5 years after they’ve been submitted, but it’s worth noting that if the Tax Office want to investigate, they can go back 20 years!
How complex your Self-Assessment is, will depend on your circumstances.
Contact us for a Free Consultation, and we’ll help you work out what’s best for you and your business!
Infographic 1: Self-Assessment
Remember These 8 Dates to Prevent Your Limited Company from Being Late
A Limited (Ltd) Company is a legal entity in its own right, so it’s important to get your accounts and returns done properly and on time.
You’ll need to remember:
Your Filing Deadline is 9 months after your accounting reference date
The deadline for filing your first statutory accounts with Companies House is 21 months from your date of incorporation
Corporation Tax is due 9 months and 1 day after the end of your accounting period
Corporation Tax Returns (CT600) are due 12 months after your accounting period
VAT Returns and Payment are due 1 month and 7 days after the end of the VAT quarter
Capital Gains Tax (if applicable) is payable within 60 days of completion
Income Tax Returns: 31 October (on paper) or 31 January
Payments on Account: 1st Payment by 31 January, and the 2nd by 31 July
To ensure your Ltd is legally compliant, and operating efficiently – we recommend getting in touch for a Free Consultation, and together we can ensure your Limited Company has Unlimited Potential.
