Mind-Body-Business

May your day be as beautiful as this flower.

You may have to file a self-assessment income tax return if you receive income from self-employment, bank interest, dividend income, state pension, other benefits, work pensions, any other types of income.

This is the final month you are able submit your self-assessment tax returns, and pay any amounts you owe.
Filing your self-assessments can be completed any time after 5th April and it really does alleviate any stress levels if you do it sooner rather than later.
It also means you have plenty of time to ensure you have the funds to pay.
I file my tax returns in May or June, set up a scheduled payment for this month, and put the money in an interest-earning account.
I love the fact a client, after having completed his first year of trading, messaged to say he took my advice, and paid his bill after monies transferred from his savings account. 🙂 He has also liked MTD because he's been able to put away funds for his future tax bills. 🙂 If only all clients did this!
Why cause undue stress and panic leaving it to the last minute?

HMRC The deadline for sending any Self Assessment tax return and paying any tax due is 31 January. If you don’t pay on time, you may face a penalty.

Are you struggling for enthusiasm, inspiration and action in business?
Let us at establish why and help you with some small quick exercises to get you going.

Some people are unsure about what they really want to do with their lives. This simple exercise may help:
Sit still and switch off all distractions. Meditate if you do. Be calm. Then ask yourself, ‘If I died in 5 years, what would I be most sorry to have not done?’ Your immediate answer may well surprise you and could be the path you should be on.

Why did the accountant miss the carol service?

Making Tax Digital for VAT: a guide to the penalties Find out what penalties you might face for failing to comply with HMRC's MTD for VAT legislation.

Make it merry.
Make it shine.
Make it
Through
December time.

Why has HMRC written to me about MTD for Income Tax? If you’ve been contacted about Making Tax Digital - don’t panic! Here’s what you need to do.

HMRC You don’t have to wait until 31 January to file your self-employment income tax return.
Filing early means receiving your refund sooner if HMRC owe you money. If you need to make a payment, however, knowing in advance how much to pay makes budgeting easier for you.