Sole Trader in Medway looking for important dates? Here are some dates that could help you.
The dates you need to be aware of when you are a sole trader are as follows:
Your tax year runs from 6th April to 5th April the following year i.e the last tax year is 06.04.22 – 05.04.23.
We can submit your tax return from 6th April i.e. for last year we were able to submit your tax return from 06.04.23 the day after the end of the tax year.
You have until 31.01.24 to file last year’s tax return covering the period 06.04.22 – 05.04.23 giving you almost 10 months to get your paperwork together.
If you file after 31.01.24 you will be fined £100 which will increase after 3 months. It also applies to paying the tax due late.
Your tax liability is due for payment by the 31st January following the year end, i.e. by 31.01.24 for last year. If you are late paying you will be charged interest by HMRC.
If your tax liability is larger than £1,000 HMRC will ask you to make payments on accounts to cover the following year’s tax in advance. It will be 50% of the whole tax liability asked for in the January payment and then a further payment on account due 31.07.24.
Based on a liability of £1,500 you would need to pay £1,500 plus £750 in January TOTAL DUE JANUARY £2,250 and then a further £750 in July. These payments are deducted from your liability of the following year.