Your Total Guide
If you are self-employed, the deadline for submitting your 2024-25 tax return is looming: 31st January 2025 to be precise. Let’s look at the process, and why it can be useful to call in the expertise of experienced accountants in Yaxley like Linda Carr Accountants.
Who Needs to Submit a Self-Assessment Tax Return?
Who needs to submit a Self Assessment tax return is laid out by HMRC as follows:
- you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- you were a partner in a business partnership
- you had a total taxable income of more than £150,000
- you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- you had to pay the High Income Child Benefit Charge
You may also need to file a tax return if you have any untaxed income gained through the following means:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
If any of the above sounds like you, you will need to submit your online tax return and pay any outstanding tax by 31st January 2025. Remember, if you miss that deadline, HMRC will apply an immediate £100 late-filing penalty, with additional fines accumulating the longer you delay.
Benefits of Filing Early
Waiting until January to file can lead to stress and a greater risk of errors, along with limited availability if you plan to work with an accountant. Filing early gives you and your accountant a chance to address any discrepancies and ensures you avoid any penalties. By knowing what you owe ahead of time, you can also prepare and set aside what you need to settle your tax bill comfortably. Plus, if you are owed a refund, filing early can mean receiving it sooner!
Why Work with a Professional Accountant?
Working with us can take away so much of the stress and complexity involved in filing your tax return. Tax laws change frequently, and our team stays up to date with these developments to ensure your tax return is totally compliant. We’re also here to identify deductions and allowances that you might not know about, potentially reducing your overall tax bill.
Tax returns can be time-consuming. By handling it for you, we allow you to focus on your business while we ensure your return is accurate and submitted on time. We are also skilled at spotting potential issues before submission, reducing the likelihood of errors that could trigger an HMRC investigation.
Talk to Us
Submitting your Self Assessment tax return by 31st January 2025 doesn’t have to be a last-minute scramble. By working with us and bearing the above advice in mind, you can ensure that it’s done and dusted with time to spare. Interested? Get in touch with us today!