Being self-employed can be stressful. After a hard day’s work, the last thing you want is to come home to paperwork and tax returns, but it’s often the case at this time of the year. We’ve picked out some crucial facts and dates for you, just in case you aren’t sure.
You’ll need to complete and send your tax return to HMRC by 31 January 2019.
This is for the period 6 April 2017 until 5 April 2018.
You’ll need to complete your online return and pay any money you owe by midnight of 31 January.
If you don’t pay on time, you’ll receive a fine of £100 providing you pay in the following 3 months. If you don’t pay what you owe within 3 months of the deadline, you could incur more fines. You can appeal fines if you have a valid reason.
The 2018-2019 tax year ends on 5 April 2019. Make sure you register for self-assessment as soon as you can and keep an eye out on the tax return deadlines so that your accounts are in good standing.
What if I can’t pay my bill?
If you are struggling to pay your bill, you should anticipate fines. You can contact HMRC directly and approach them with a payment proposal to make paying off what you owe more manageable.
HMRC has a legal obligation to consider every payment proposal, but it may also consider the assets you owe.
Never leave a tax bill and hope that it goes away. Contact HMRC as soon as you can and ask for advice. If you don’t, you could face interest, legal action and undue stress.
Being proactive means that you can work harder through the year without worrying about the flurry of fright at the end of the year.
As a self-employed business, you’ll need an insurance policy which is fit for purpose, too. At Finch Group, we can assist with Business Insurance, whether you’re a sole trader or a medium-large sized business. Just give us a call on 0118 969 8855 or email us at email@example.com