As we move into the Autumn season, it’s a good opportunity to review your finances and tax position. Here are the key dates for business owners and some matters we would advise business owners to be thinking about.
Key dates for business owners:
• 5th October 2023 – The first deadline for submissions of tax returns for the tax year and also the deadline for self-employed workers to register with HRMC for the current tax year.
• 31st October 2023 – The deadline for submission of tax returns in paper format for the tax year ending 5th April 2022.
• 30th December 2023 – The deadline to submit your online tax return for automatic payment of owed taxes from your pension and wages.
• 31st January 2024 – The deadline for online self-assessment tax returns for the 2022/23 tax year to be completed.
• 5th April 2024 – The final day for the current tax year.
Paying into a pension plan can be very financially efficient. Pension contributions are free of income tax, so you are refunded the income tax you have paid on this money. Tax relief is a real help when saving for retirement, but you need to understand your allowances and limits, which is where we can help you.
Getting your tax returns in early means you know how much you will need to pay and can budget accordingly. It’s also a lot less stressful for you and your accountant.
For more help with your business finances, talk to us. We have accountants around the UK.