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Tax Dates Not to be Missed

31 January: If you’re registered as a self-employed sole trader then 31st January each year will be a familiar date to you. Did you know that HMRC receives half of all submitted Self-Assessment Tax returns in the final month and a 1,000 alone on Christmas Day?! Of the 11.5 million people who submit tax returns, 1 million still miss the deadline – that’s a quick and easy £100 million for HMRC due to a £100 fine for late submission. So don’t be one of those 1 million. Set reminders in your diary, or better still leave it to Wise Owl to get your tax return in.

End of financial year: If you’re a limited company, then the end of your financial year is another important date to remember for submitting your statutory accounts. Sometimes the deadline is 31st December, sometimes it’s the end of March – it varies according to individual businesses. Don’t forget your year end!

End of each quarter: At the end of each quarter you will, without fail, have to submit VAT returns if you are a VAT-registered business. HMRC are very stringent when it comes to requesting this data and if you miss the deadlines the penalties are large. If Wise Owl are helping you with your quarterly VAT returns, this then gives us an opportunity to carefully examine your financial data and to make measured and considered recommendations for your future.

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