How Tax Accountant, London, Can Help Businesses Understand All About Tax Deadline

January not only brings us a new year but also signifies the deadline for filing taxes, which falls on January 31st in, 2024. This annual requirement is necessary to ensure that you are paying the correct amount of tax based on your financial activities during the whole year. However, it can also occasionally be a little difficult and perplexing.

A tax accountant London, can offer important guidance and help. Accountants can aid with all the necessary information a business needs for the 2024 tax return deadline, as well as where to get support to guarantee the correctness of your submission.

What Is A Tax Return?

A tax return, often referred to as a “Self-assessment tax return,” is an obligatory financial document that taxpayers in the United Kingdom, whether they be individuals or business owners, must fill out and submit to Her Majesty’s Revenue and Customs (HMRC). 

It serves as an accurate record of your earnings, fees, and other monetary transactions, enabling HMRC to calculate the actual amount of tax that you are required to pay or will be required to pay for a given tax year.

January 31, 2024, at midnight, is when you should file your online tax and pay any overdue taxes for the remaining 12 months, which ran from April 6, 2022, to April 5, 2023. Penalties, interest charges, and other fines may be incurred if you miss the deadline.

You can also consult accounting companiеs London, spеcialising in tax-basеd sеrvicеs to know more about tax rеturns and dеadlinеs.  

Preparing for thе Tax Rеturn Dеadlinе

Although it might take some time to get ready for the tax return deadline, it can be simpler with careful planning and preparation. Here are a few steps you may take:

  • Compile Financial Records: Make sure you have all of the financial institution statements, receipts, and invoices you could want.
  • Assess Earnings and Expenses: To decide your taxable profit, accurately compute your earnings and deductible expenses. 
  • Tax Deductions and Claim Allowances: To lower your tax liability, be aware of the tax deductions and allowances available. Consult some good accounting companies, London, to know more about deductions and allowances to reduce your tax liability.
  • Examine Tax-Relief Schemes: Ascertain whether any tax comfort schemes exist that would reduce your tax responsibility.
  • File Online: HMRC recommends submitting online due to its convenience and the fact that taxpayers get more time for revisions.

Paying Your Tax Bill

The next step after filing your tax return and sending it to HMRC is paying any potential tax due. The information below will assist you in paying your tax bill:

1. Due Date of Payment

The deadline for submitting your tax return and paying your tax is the same: midnight on January 31, 2024, for the tax months 2022–2023. Note that you may need to make a “paymеnt on account” to pay your taxes for the next 12 months.

2. Payment Method

HMRC gives many payment alternatives/options to reduce the hassle of paying the tax bill. These include credit/debit cards, online/telephone banking, and CHAPS payments.

3. Late Payment

You might incur penalties and in case you fail to pay your taxes on time. Should your payment not be on time, HMRC will impose a penalty automatically. Thе amount of thе pеnalty will bе dеtеrminеd by how much you owе and how latе you  makе thе paymеnt 

How Can Unicorn Accountants Can Help?

A tax accountant, London, is invaluable for businesses when it comes to understanding tax procedures and, rules and regulations. Accounting companies in London with expertise in tax laws can help businesses and individuals minimise their tax liability by ensuring timely filing of returns, maximising deductions, and meeting HMRC’s requirements.

At Unicorn Accountants, we specialise in offering both individuals as well as businesses’ tax and accounting guidance. Our team of committed experts is knowledgeable about the nuances of UK tax laws and regulations. We can guide you through the tax return procedure in an easy-to-understand manner so you can file by the deadline without stress.