The clock is ticking!
The self-assessment countdown started on 1st January 2022, and there are fewer than 100 days to the submission deadline of 31st January 2023.
Cue loud klaxon!
Yes, it’s upon us again. Like Christmas, it comes around so quickly and surprises many people, but unlike the festive season, you can’t party or spend your way around this one…
31st January 2023 (it’s a Tuesday, if that helps?)
Tuesday, 31st January 2023, is the deadline for submission of completed online self-assessment forms and payment of all due taxes due for the tax year from 6th April 2021 to 5th April 2022.
Five best reasons for getting ahead of the clock
Five: Tackling a backlog of monthly books and finding the correct figures and paperwork takes twice as long if you’re disorganised. It also takes time away from your business and adds more stress to what may already be difficult trading conditions. Even registering with the HMRC online portal takes longer than you think, as you must apply and wait approximately ten days for an activation code to be issued.
Four: Every accountant and bookkeeper is getting busy, and it’s stressful knowing you may be at the bottom of a slow-moving pile of other people in a similar position.
Three: It’s not just the bean counters! HMRC is the busiest and most stretched at this time, including its excellent telephone helplines. Hanging ‘on hold’ for lengthy periods doesn’t do anyone’s blood pressure any good, regardless of your taste in musak!
Two: The sooner you know how much tax you owe, the better prepared you are to plan and budget how to pay your tax bill.
One: If your completed tax return shows that HMRC owes you money and you’re due a refund (it does happen more often than you think), submitting as soon as possible means you’ll get your money back sooner
If you’re an existing customer, we’ll already be on top of this for you, but we’re here to help anyone else if you’re:
- New to business.
- It’s your first experience submitting a self-assessment tax return.
- You’ve never submitted online before.
- You usually take care of this yourself, but you’re too busy this year.
- You suspect you’re not claiming the correct allowances.
- You think you may have paid too much tax last year.
- You’ve had a bad experience or even incurred a £100 late submission fine.
- You want an ACCA-qualified, ‘big enough to cope, small enough to care’ accountancy practice to take care of everything.
Help with your self-assessment tax return
If you would like to know more about online self-assessment tax returns, see the HMRC pages and online guides:
https://www.gov.uk/self-assessment-tax-returns
HMRC helpline 0300 200 3300
Free HMRC Safety Checklist
We’re here to help, so call us for more information at 01482 631700 or grab a copy of our free HMRC safety checklist:
https://www.rackhamsaccountants.co.uk
Funnily enough, we blogged about self-assessment tax returns last year, here’s loads more information:
