Sole Traders

Pair of Accountants

HMRC is urging sole traders not to wait until the very last minute to fill out their self-assessment tax returns, ahead of the deadline for completion on 31st January.

The tax authority has revealed that a higher number of people opted to do their self-assessment during Christmas Day in 2021, with 2,828 submitting their returns on that day in comparison to 2,700 the year before. Looking at the three-day period from Christmas Eve to the end of Boxing Day, the number rose to over 31,000, with the majority opting to complete it on Christmas Eve.

Speaking to the Daily Record, the Director General for Customer Services at HRMC, Myrtle Lloyd, stated that:

“Filling in a tax return won’t have been on many people’s to-do lists for Christmas, but please don’t leave it until the end of January either.”

There are a number of resources that sole traders can use to assist them in completing it, such as help sheets and webinars. Some also opt to have an accountant qualified to provide tax return services in Goole or wherever they live do it for them.

The numbers choosing to do that may increase this year, with the Self Employment Income Support Scheme (SEISS) grants claimed by many sole traders during the pandemic needing to be declared on the 2020/21 return.

This will complicate the process, but HMRC has advised that there are options for those concerned about being able to pay tax owed on them by the deadline, like a Time to Pay arrangement.

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