We might only be 6 days into a brand new year and decade, but for those of us in business, the first deadline is already looming – tax returns! The deadline for submitting an online self-assessment (and paying the bill for any tax due) is midnight on 31st January, to cover the tax year from 6 April 2018 to 5 April 2019.
If this isn’t your first rodeo, you probably already know what you should be doing and have either already done it, or are on with it. If 2018/9 was your first year in business, start off by completing HMRC’s self-assessment check tool. It’s just a few short yes/no questions and takes less than a minute to do. https://www.gov.uk/check-if-you-need-tax-return
If your business earned less than £1000 during the 2018/9 tax year (remember to include all revenue streams for this – Etsy, Folksy, BCH, Amazon, Ebay, craft fairs, markets, retail stockists) thanks to HMRC’s trading allowance, you probably won’t need to submit a tax return. If you do need to carry out a self-assessment, read through HMRC’s step-by-step guide to getting started.
Most of our businesses are small enough to make completing a self-assessment tax return quick and simple. Assuming that you’ve kept records of your income and spending, that is! If you’re finding it all a bit overwhelming, you can get free advice and support from HMRC via webchat, Twitter and telephone. If you act quickly, it may also not be too late to hand the whole lot over to an accountant to complete.