Because jokes aren’t an allowable expense!
Many of you have followed us because you are a business owner or solopreneur trying to run your business despite a global pandemic. It’s no doubt been an up and down year for you as it has the rest of us. But well done! Some of you however are business owners because you want the control, the ability to do what you want, when you want and even where you want.
But with great power comes great responsibility… a.k.a… filing and paying tax 😭 If you started your biz after April 2020 and are expecting to be a sole trader, you’ll be expected to file a self-assessment detailing your incoming and outgoings for the year, in order to pay tax on your profits! Here are a few specific dates to help you get going if you started your biz in or after April 2020: Tax year: 6th April 2020 - 5th April 2021 Registering for self assessment: 5th October 2021 Filing deadline online: 31st January 2022 Payment deadline: 31st January 2022 (& 31st July 2022 for payment on account)
Payments On Account
Payments on accounts are early payments toward your next tax bill. You make 2 payments on account each year. Each payment is half your previous tax bill. These are due by 31st Jan and 31st Jul.
How to register:
Head to gov.uk, click “Money & Tax” > “Self-Assessment” > “File your self-assessment online” > “Register for self-assessment”, choose “Self-employed” and “Register online”.
An example for 2020/2021 tax year:
Business first year Self-assessment bill £5000
Tax bill 20/21 year £5000
Payment on Account (1st payment) £2500
Total to pay 31st Jan 2022 £7500
Payment on Account (2nd payment) £2500
Total to pay 31st Jul 2022 £2500
Need some help? You have 2 options.
Let us take the hassle and worry away from you. The end of the tax year is 5th April 2021. Once this date has passed, as long as you have records of any money made or spent throughout the year, we can file it for you.
We may have questions about what something is, what it was for, and questions regarding working from home expenses, ensuring you are claiming for everything possible. We can do all of this for you anytime after the end of the tax year and give you the peace of mind that it has been filed as well as giving you until Jan 31st to save for and pay your tax bill!
All for just £125. Providing your records are in good order. If we have to fight our way through a bin liner full of receipts, we will charge a £36 per hour bookkeeping charge.
Hop on a call to discuss things with us here.
We have a fancy, all singing and dancing Self-Assessment Survival Kit! Available to purchase and download today, right now, from our site, here.
What’s in the kit?
- Our guide to allowable expenses
- Our good to know guide
- Our clever tax tracker
- Our self-assessment checklist
Ensuring everything is covered and you have entered everything you should and only claimed for things you are allowed, making you 100% positive you have filed it correctly. All for just £149.96!
Is it worth buying just to buy again next year?
That’s the beauty of it, the clever tax tracker means the tax thresholds as set by the government can be changed manually, meaning the tax tracker will always be able to track your tax no matter what the government changes the thresholds to in years to come. The guides are also evergreen!
Unless the government drastically changes its approach to expenses these guides will put you in good stead for the future.
Want to make sure you don’t miss out on any major changes? Why not subscribe to our mailing list to make sure you don’t miss anything. Plus, we do offer some goodies every now and again. And we try to make it light and humorous for you to chuckle at. We all need a laugh when it comes to taxes right? :p
These are your options, the blue pill or the red pill! Choose wisely…
See you on the other side of the rabbit hole 😉