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Filing Your 2022 Self-Assessment Tax Return

Self Assessment
hmrc

Blog Introduction: It’s never too early to start making preparations for filing your 2022 self-assessment tax return. As a business owner, you’re likely well aware of the importance of understanding the timeline and deadlines associated with filing your self-assessment tax return. Knowing when to file can save you time and money in the long run—not to mention avoiding any unnecessary penalties. So, when should you start preparing for filing? Let’s take a look at what you need to know.

Timeline for Filing Returns

The deadline for submitting your 2021/22 self-assessment tax return is 31st January 2023. That said, it is important to remember that this date could change depending on various factors such as if your filing date falls on a weekend or public holiday. To be safe, it is always best to submit your returns as soon as possible. The earlier you submit them, the more time you will have to review them and make sure everything is correct before submitting them officially.

It’s also important to note that if you owe HMRC any money from 2020/21 then it must be paid by 31st January 2022 or you’ll face potential fines and charges from late payment fees or interest charges from HMRC. If this applies to you then it would be wise to factor this into your planning process and budget accordingly so that funds are available in plenty of time before the deadline. You can make use of the HMRC self assessment tax return calculator to find out your numbers. Additionally, keep in mind that there may be other dates for which specific paperwork needs to be submitted by certain deadlines throughout the year so don’t forget about those either!

Filing Options Available

There are two main options available when it comes time to file your self-assessment tax return—you can either do it yourself using HMRC’s online tool or hire an accountant (such as us) who can do the work on your behalf (which might actually end up saving you money in the long run due to their knowledge and experience). If you choose the DIY route then make sure that you have all of the necessary information ready before beginning (such as income statements, receipts, etc.) so that everything goes smoothly and quickly without any hitches along the way. In addition, check out some helpful tutorials online so that things go even smoother!

Conclusion: As a business owner, understanding when and how to file your self-assessment tax return is critical for staying compliant with HMRC regulations and avoiding costly fines or penalties further down the line. To avoid any surprises come filing season, make sure that you know exactly when deadlines are coming up and plan accordingly with plenty of lead time in order so that everything goes smoothly when submitting returns next year! With proper planning and preparation now, filing taxes won’t seem like such a daunting task later down the road! If you’d like everything taken care for you then book a free discovery call today.