There are nearly 5 Million working as self-employed within the UK in 2018, up from only 3.3 Million in 2001. With this on the increase and that HMRC requires submission of your self-assessment online there is more demand for the services of accountants that can make the process simple, and that understand the areas where you can claim expenses.
You need to submit your tax return the following January for the previous April to March year. As an example, the year of April 2018 – March 2019 will be due for reporting on or before the 31st January 2020.
The reasons you need to register for self-assessment are
you earned more than £1,000 from self-employment between 6 April and 5 April the following year
you need to prove you’re self-employed, for example, to claim Tax-Free Childcare
you want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
If you’re running a business or selling services or goods.
If you are a registered Director
More information can be found on the Government website or call us, and we can help you throughout the process.
You will see lots of adverts advising everyone of the deadline, and more often than not people leave this to January, don’t. If you deal with this in March you can still pay by the end of January however with more time means you won’t miss out on claiming against the tax payment as your paperwork and advice are in plenty of time. When clients are in a hurry, they often fail to organise their expenses correctly.
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