Embarking on your self-assessment tax return journey is now more manageable than ever with the option to spread the cost through a strategic loan with V4B Business Finance.
Explore the benefits of financial flexibility and tailored solutions designed to empower your tax obligations.
Key Highlights:
Submission Timeline:
Seamlessly submit your self-assessment tax return from 6th April of a new tax year until the deadline on 31st January the following year.
Understanding Self-Assessment:
Whether you’re self-employed or pay tax through PAYE, the self-assessment system requires informed financial management to navigate tax obligations.
Who Needs to File:
Beyond the self-employed, individuals with various income sources must adhere to self-assessment, making financial planning crucial.
Income Declaration:
Declare taxable income comprehensively, covering savings, investments, dividends, property rentals, and foreign income.
Key Dates to Remember:
Mark critical dates in your calendar, including the end and start of the tax year, the 31st January deadline for filing tax returns, and essential dates for freelancers and business owners.
Penalties and Interest:
Timely and accurate submissions are paramount to avoiding late filing penalties and interest on overdue payments.
Adjusting Payments on Account:
Adapt to changes in your financial circumstances by adjusting payments on account, avoiding the pitfalls of underpayment.
Registering and Filling Your Tax Return:
Registration Process:
Navigate the registration process based on your status, ensuring you have necessary details like your National Insurance number and unique taxpayer reference (UTR).
Expenses Declaration:
Whether your annual turnover exceeds £85,000 or not, itemise expenses, and maintain records for the past five years.
Paying Your Tax Bill:
Understand the “balancing payment” concept and the significance of “payments on account” deadlines after filing your return.
Leveraging V4B Business Finance:
Financial Empowerment:
Unlock financial flexibility by considering a strategic loan from V4B Business Finance to spread the cost of your self-assessment tax return.
Tailored Solutions:
Benefit from personalised financial solutions designed to align with your unique goals, easing the burden of tax obligations.
Expert Guidance:
Receive expert guidance on navigating the loan process, ensuring informed decisions that complement your financial objectives.
Additional Assistance:
Filing for a Tax Refund:
Understand the process of claiming a tax refund through HMRC’s P800 tax calculation if you’ve overpaid income tax.
SEISS Grant Declaration:
If you received government support like SEISS grants during the pandemic, declare it on the relevant tax return.
Important Reminder:
File Your Tax Return Online by 31st January:
Ensure timely submission, allowing for corrections before the 31st January deadline.
Explore the synergy between strategic financial planning, insightful tax guidance, and the convenience of spreading the cost with V4B Business Finance’s tailored loans.
Note: Tax treatment depends on individual circumstances and may be subject to future change.
