Now that the new tax year is upon us, many may be thinking of their taxes. You must send a tax return if, in the last tax year (6 April to 5 April), you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on), or a partner in a business partnership.
Tax returns can be stressful; there are a number of deadlines that you must meet so as to not receive penalties and fines. HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline. These deadlines can catch many people out. Luckily, Sapphire can help with all your tax needs.
The last tax year started on 6 April 2021 and ended on 5 April 2022. The deadlines for the current tax year are as follows:
| Self Assessment | Deadline |
| Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership | 5 October 2022 |
| Paper tax returns | Midnight 31 October 2022 |
| Online tax returns | Midnight 31 January 2023 |
| Pay the tax you owe | Midnight 31 January 2023 |
Penalties
You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.
There will be a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll be charged interest on late payments.
That’s why it is of the utmost importance to understand and get your tax right.
How Sapphire can help with your tax return
Filing a tax return is nothing short of complicated and time-consuming. That’s why we’re here to take the weight off your shoulders and provide you with a competitively priced self-assessment tax return.
Sapphire will:
- Provide pro-active tax planning advice rather than simply just submitting your return
- Deal with all your tax affairs, no matter how difficult or complex
- Input all your income, expenses, benefits and pensions contributions accurately
- File your return to HMRC online and deal with HMRC on your behalf
- Offer additional services and advice
- Be fully available for any tax queries or questions you may have
Our experienced accountancy team have been working in the accountancy industry for over 30 years, so you can rest assured you’re in good hands. Upon appointing us for your tax return, you will be assigned your very own personal accountant who will be your main point of contact should you have any tax queries.
To find out more, contact the team who’ll be glad to help you.
