The self-assessment deadline (31 January 2023) is fast approaching and will be here before you know it.
Don’t panic though; there’s still a few weeks left to file your tax return for the 2021/22 tax year on time so you avoid a penalty.
Get started now
We’re big believers in doing your self-assessment tax return done as soon as you can. For us, tax return season happens months before the deadline.
But you can’t stop time and you haven’t got long left, so you need to get your return started now.
Self-assessment tax returns aren’t a walk in the park, so if you realise you’re missing some information to complete yours, you’ll be able to save the work you’ve done and finish it when you have everything you need. If you realise you’re missing things on the day before the deadline, you could find yourself in a spot of bother.
Claim all the expenses you’re entitled to
Getting your return done early means you can take full stock of all your allowable expenses, which you can offset against your pre-tax income if you’re self-employed.
The important thing now is to take your time and don’t rush through this part of your tax return. Have a copy of all your expenses with you before you start your return, especially if this is the first one you’ve done.
Avoid mistakes and inaccuracies
No matter how close the deadline is, it’s important to take your time with your return to avoid making any mistakes, including for your expenses. The penalties for inaccurate or false returns can be severe.
However, if you do make a mistake on your return, you normally get 12 months from 31 January after the end of the tax year to correct it (called an amendment).
Get an accountant to do it for you
An experienced accountant will make sure everything is done correctly, promptly and with far less hassle for you. We’ve done far too many tax returns to count for our clients, during which time we’ve developed the perfect processes for them.
In addition, we’ll ensure you claim for everything you’re entitled to claim for, which will help to minimise your tax bill.
Our advice should help you file your tax return on time just ahead of the deadline. It’ll be another thing ticked off your to-do list, which will be a huge relief for you.
But next year should be different – submitting your tax return earlier, preferably in the summer or even spring brings a lot of benefits beyond peace of mind.
There’s a greater flexibility to plan your taxes, for instance, and more time to spot and pre-empt mistakes. Most importantly, the earlier you do your return, the earlier you’ll know how much you owe in tax – and the sooner you’ll be able to budget for it.
Lastly, if you get started earlier next year, we’re almost certain to be able to help you with your tax return – right now, we’re fully booked up. So, with that, we look forward to working with you next year.
Talk to us about your self-assessment tax return.