The self-assessment tax return deadline of 31 January 2025 is fast approaching, and for individuals, sole traders, and limited company directors, it’s crucial to file accurately and on time to avoid penalties. At Thirlwell and Co Chartered Accountants, we specialise in helping clients navigate the self-assessment process. Whether you’re a first-time filer or a seasoned taxpayer, here are our top tips to ensure your submission is smooth, stress-free, and timely.
1. Understand Whether You Need to File a Self-Assessment Tax Return
The first step is determining if you’re required to file a tax return. Typically, self-assessment applies to:
- Sole traders earning more than £1,000 in the tax year.
- Company directors who receive dividends or other taxable income.
- Individuals with additional income not taxed at source, such as rental income, overseas income, or capital gains.
- Those earning more than £100,000 annually.
If you’re unsure, our team of Rotherham accountants can help you confirm your obligations and get started.
2. Register Early if You’re Filing for the First Time
First-time filers must register with HMRC for self-assessment before they can submit their tax return. The process involves:
- Creating a Government Gateway account.
- Receiving a Unique Taxpayer Reference (UTR).
- Registering for online filing.
Delays in registration can cause unnecessary stress as the deadline approaches. If you need assistance, our tax return experts in Rotherham can guide you through the process.
3. Keep Your Financial Records Organised
Accurate record-keeping is the foundation of a successful tax return. Ensure you have:
- Invoices and receipts for business expenses.
- Bank statements.
- P60s, P45s, or other income-related documents.
For sole traders and small business owners, professional help with the preparation of accounts for small businesses can save time and reduce errors. At Thirlwell and Co, we ensure your accounts are comprehensive and ready for submission.
4. Claim All Allowable Expenses and Deductions
One common mistake is failing to claim allowable expenses, which can reduce your tax liability. Examples include:
- Office expenses (e.g., stationery, utilities, and rent).
- Travel expenses related to your business.
- Professional fees and training costs.
Our team of chartered accountants near you can review your records to ensure you’re claiming everything you’re entitled to.
5. Be Aware of Key Dates
Missing deadlines can result in penalties and interest charges. Here are the essential dates to remember:
- 31 October 2024: Deadline for paper returns.
- 31 January 2025: Deadline for online returns and balancing payment of tax due.
If you’re unable to meet these deadlines, contact our Rotherham accountants for advice on avoiding penalties or negotiating a payment plan with HMRC.
6. Use HMRC’s Online Tools or Professional Services
HMRC provides online calculators and tools to help with tax returns, but these can be complex and time-consuming. For a more streamlined approach, consider our preparation and filing of self-assessment tax returns service. We ensure your tax return is accurate, compliant, and submitted on time.
7. Double-Check Your Return Before Submission
Mistakes in your tax return can lead to delays, penalties, or even investigations. Common errors include:
- Incorrect figures for income or expenses.
- Failing to declare all sources of income.
- Forgetting to sign or submit the declaration.
Our tax return experts in Rotherham perform thorough checks to ensure your submission is error-free and complete.
8. Plan for Your Tax Bill
If you owe tax, it’s essential to have the funds ready by 31 January. Consider setting aside a portion of your income throughout the year to cover your liability. If you struggle with budgeting, our accountants in Rotherham can offer guidance on financial planning and tax-efficient strategies.
9. Seek Professional Help Early
The closer you get to the deadline, the busier accountants and HMRC become. Early action ensures you have time to gather documents, address queries, and resolve issues. At Thirlwell and Co, we’re committed to providing timely support, whether you’re filing for the first time or need help with a complex return.
10. Leverage Local Expertise
Choosing a local accountant offers several advantages, including familiarity with the needs of Rotherham residents and businesses. At Thirlwell and Co Chartered Accountants, we pride ourselves on providing personalised advice and solutions tailored to our clients in South Yorkshire.
Why Choose Thirlwell and Co Chartered Accountants?
As trusted accountants in Rotherham, we offer comprehensive services to make self-assessment simple and stress-free. Our expertise includes:
- Preparation of accounts for small businesses, ensuring your financial records are accurate and complete.
- Preparation and filing of self-assessment tax returns, helping you avoid penalties and maximise tax efficiency.
- Personalised advice for individuals, sole traders, and limited company directors.
For more information on tax-related resources, visit the ICAEW’s Guide to Taxation.
Final Thoughts
With the 31 January 2025 deadline fast approaching, now is the time to take action. Whether you’re a first-time filer or need help navigating complex tax rules, Thirlwell and Co Chartered Accountants is here to assist.
Contact us today to schedule a consultation and ensure your self-assessment tax return is submitted on time. Call us or visit our website to learn more about our services.
Don’t leave your tax return to chance—partner with the Rotherham accountants you can trust!