So many people put their tax return off until the last minute, and the HMRC phone lines are inundated with callers asking for advice and support throughout January; it can be a terribly stressful time of year, and - coming directly after the expense and frivolity of Christmas and New Year - can see pennies stretched to their thinnest – so I always advise getting yourself organised well ahead of time, meaning that you don’t have the pressure of that deadline looming over you as your next exciting year begins.
Blogs about Tax
Time flies when you’re having fun - and when you’re focussed on running your own business the months can rush by faster than you anticipated, meaning that things slip down the to-do list waiting for the right time to be actioned. I’ve written about payments on account before - but here’s why it matters today:
Starting a business can be complicated. Not only do you need to provide your services or products to your clients, but you also suddenly have to deal with all of the other sides of running a business such as the finances. VAT in particular seems to confuse a lot of people, so let’s bust some VAT myths.
Indulge me for a moment, and allow me to think that I have such influence that, after reading about when you should submit your self assessment, you immediately went off and submitted your tax return. Depending on the amount of tax you owe, you may have been told by HMRC to make payments on account (I almost wrote asked, but we all know it’s not really an invitation!) But what are they and why do you need to pay them?
Today marks the start of the new tax year, so now seems as good a time as any to talk about submitting your self assessment tax return. I know the deadline isn’t until January, but that’s the final deadline, not when you should start thinking about it!
We’re living in the digital age and deserve a transparent and accessible tax system. We also shouldn’t need to tell HMRC what it already knows. On the face of it reducing the burden on taxpayers and providing clearer information can only be good, right?
You’ve just started your own sole trader business and you’re full of excitement and keen to get on with doing what you love, and that’s probably not bookkeeping. Good financial records are the foundation of your business and could determine its success. Following these three simple steps will mean that bookkeeping is no longer a burden.