If you are self-employed or receive rental income from property, you may have come across the term 'Payments on Account' (PoA). It often causes confusion, particularly for people completing their Self-Assessment tax return for the first time.
As the financial year draws to a close, it’s a good time for self-employed businesses to take stock and position themselves strongly for the year ahead. A planned approach at this stage could create a meaningful difference to both your tax position and your overall financial understanding.
For most businesses, landlords and property investors, strong financial control starts with good diary management. While tax and reporting obligations are familiar territory, missed deadlines still carry unnecessary cost, disruption and risk. Looking ahead to 2026, there are several key dates that business owners, finance teams and directors should have firmly on their radar.
For many self-employed businesses and landlords, the run-up to Christmas is already a demanding period. Client deadlines, project completion, tenant management, and year-end operational pressures all compete for time and attention. Adding a last-minute tax return into the mix often creates unnecessary strain. Submitting your tax return early is a simple step that brings structure, reduces risk and supports more confident financial planning.
If you're a sole trader or a small business owner who must submit a self-assessment tax return each year, this guide will help you navigate the process and manage your tax payments effectively.
Over the past few months, we have helped our clients file their self-assessment tax returns for 2022/23. The deadline for submission and payment was 31 January 2024. We have written this blog to advise anyone who has been unable to submit a tax return or pay their tax bill on time.
Did you know there are now less than 100 days left before your self-assessment tax return must be completed? The deadline is 31 January 2024. We are now busy working on the tax returns for our clients and wanted to remind everyone that there are many benefits to getting these processed and submitted sooner rather than later.
Self-Assessment tax return for the last tax year (6 April to 5 April) must be submitted if any of the following apply to you:
Over the summer, many businesses are quieter than normal as everyone takes time off over the school holidays. If it’s a quieter time for you, then it may be a good opportunity to get all your paperwork ready for the next tax return.
Hopefully, you will have filed your 2020 to 2021 tax return by the normal deadline of 31 January 2022. If you haven’t, read on as the HMRC has announced that they will waive late filing and late payment penalties for one month.
As we are quickly approaching the end of the year we wanted to remind you all that as well as Christmas you also need to think about your self-assessment tax return submission.
In September 2021 HMRC announced a new system they are implementing to deal with anyone that submits their VAT or tax returns late.
Most people know that the tax year is from 6 April to 5 April the following year, but there are other dates you must be aware of especially if you are required to fill out a self-assessment tax return. If in the last tax year you were self-employed, a company director, lived abroad and had a UK income.
It’s very quickly approaching the deadline for submitting your businesses self-assessment tax return for the last tax year, this covers the period 6 April 2016 and ended on 5 April 2017.
Self-Assessment tax returns need to be submitted by individuals and businesses. Normally if a person is employed the tax is deducted automatically from wages. For businesses, they need to register with HMRC and then they can file their tax return online.
Many of you will now have submitted your self-assessment tax return and have made your first payment due on 31st January. This is a payment towards the current tax year and half of the previous year’s liability and is called your first payment on account.
On 6th April 2019 the new tax year began, this means that records for the last tax year need to be collated and information prepared so that the 2018/19 tax return can be made, the online filing deadline for this is 31 January 2020.
If you complete a self-assessment for your business, you may have to pay your tax in two instalments. You don't need to make this payment if your tax bill is less than £1000 or you have already made 80% of your tax bill in advance.
It is that time of the year again when we are busy helping our clients to get all the paperwork in order ready to submit their tax returns. Most of our clients, especially those that use our bookkeeping service, generally get their tax return filed early.
The government has announced that they wanted to offer more support to businesses that may be experiencing problems caused by the COVID19 pandemic. Usually, businesses that submit their annual self-assessment tax return would need to pay any tax due to HMRC by 31 January 2021.
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or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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