Preparing for Self Assessment
Jan 19, 2022
The end of January is creeping up on us, are you ready to submit your self assessment payment on the 31st?
My advice, as always, is to get the numbers sorted out for your tax return as soon as you can. Download my year end checklist here
to get the list of what you need to get together.
Hopefully, you have been saving around 30% of your net income. For a sole trader this is revenue less expenses ie profit from your business, and for limited companies, it is on salaries and dividends paid.
If you can submit your numbers early, you might have some spare money you can release, if you have been saving 30%, or at least you will know what the number is and you have 10 months to sort things out to find that money.
Knowing where you are at the moment is especially important to ensure that you can do something about it now. For example, taking a mortgage holiday, stopping any subscriptions you don't use etc. Don't just stop direct debits and standing orders, talk to your provider about things you can't pay and agree how it is going to work. This can include HMRC (although give them a few weeks). Don't bury your head in the sand about your financial position and be proactive.
If you need help with sorting out your cash position, no matter what size of business you are, I can help.