Less than 100 days to get that self assessment tax return sorted!

Blog Layout

Less than 100 days to get that self assessment tax return sorted!

Oct 29, 2023

Individuals who need to complete a Self Assessment tax return have less than 100 days left to submit their return to HMRC, before the deadline on January 31st 2024.

Although some individuals leave it until the last minute, submitting your tax return ahead of the deadline allows you to determine the amount you owe and create a plan for payment before the actual due date. The tax owed from the previous tax year is due by 31^st January 2024 as well as your 1^st payment on account (if applicable).

If you are unable to make a full payment, HMRC is committed to assisting you in finding an affordable way to settle your tax debt. If your tax debt is less than £30,000, you may be eligible to establish a Time to Pay arrangement, which can be done online without the need to contact HMRC. To explore all available methods for paying your tax return, please visit ways to pay on the gov website.

If you believe that you no longer need to file a Self Assessment tax return for the 2022 to 2023 tax year, it is advisable to inform HMRC as soon as possible to avoid potential penalties.

For paper returns the deadlines are October 31, 2023, but for online returns its January 31^st 2024.

Filing your tax return online is the quickest and most straightforward method, see our guide to submitting your return via Quickbooks. For those who prefer paper filing, instructions on how to request a paper return can be found here . However, as we have previously reported, paper returns are no longer automatically issued, except in cases where online filing is not possible.

If you are looking for assistance with your bookkeeping and or perhaps some training with QuickBooks we offer bespoke packages to suit your needs. Get it touch for more information.

< Older Post Newer Post >

Plans for ID verification from Companies House

by PH186232 • 22 Oct, 2024

Starting in early 2025, Companies House will begin rolling out new identity verification requirements for company directors and persons with significant control (PSCs). This means that, in the future, before filing information on the Companies House register, directors will need to prove their identity. This change is designed to reduce fraud and improve transparency. The reforms are part of the Economic Crime and Corporate Transparency Act 2023, which aims to combat fraudulent activity. As part of these reforms, accountancy firms and solicitors registered for anti-money laundering (AML) supervision will be among the first required to comply, starting in early 2025. By spring 2025, accountants and other professional service providers, who are registered for AML supervision, will be able to become authorised corporate service providers (ACSPs). This means they’ll be able to help clients verify their identities and pass that information on to Companies House. By autumn 2025, these new ID verification requirements will be mandatory for new directors and PSCs when setting up a company or making new appointments. If your business already exists, you will have a 12-month transition period until autumn 2026 to ensure your directors and PSCs comply with these requirements when your next confirmation statement is due. This is a significant change, therefore it’s important to stay ahead of these requirements to avoid any disruptions to your business.