Meeting financial deadlines on time is crucial for the financial health of any individual or business, especially those who are self-employed. Whether it’s paying bills, filing taxes, or submitting financial reports, the timely completion of tasks ensures the avoidance of late fees, penalties, and unnecessary stress.
In this article, we’ll discuss:
- Why meeting financial deadlines is important
- All the financial deadlines to take note of
- Planning for the financial deadlines
- The benefits of hiring an accountant to manage your financial deadlines
Why is meeting financial deadlines important?
Meeting financial deadlines is important for individuals, businesses, and organisations to help avoid negative consequences. For example, those who do not meet tax filing deadlines may face penalties or fines from the government. Similarly, businesses that miss their loan repayment deadlines may face damage to their credit rating, or even face legal action.
If a business or individual consistently fails to meet their financial obligations, you may be viewed as unreliable by lenders, investors, and clients. This can have a negative impact on the business’s ability to secure financing or attract new customers, ultimately leading to decreased profitability and growth.
Financial deadlines to be aware of in 2024
To help you plan ahead and meet all your financial deadlines on time, here is a list of key financial deadlines to be aware of in 2024.
January 31st – Self Assessment (including CIS) tax returns must be submitted for the previous tax year.
April 5th – End of the tax year. This is the last day on which you can contribute to an Individual Savings Account (ISA) for the current tax year.
April 6th – Start of the new tax year. This is the first day on which you can contribute to an ISA for the next tax year.
July 31st – Payment of the first instalment of the tax bill for the current year if you’re part of the UK’s Self Assessment system.
October 5th – Deadline for registering for self-assessment if you haven’t already done so by then.
October 31st – Paper tax returns for the previous tax year must be submitted.
December 31st – If you’re planning to make a charitable donation and want it to count towards the current tax year, it must be made by this date.
Too many dates for the diary? Let us do all the work when it comes to meeting your financial deadlines on time. Get in touch today for a free, no-obligation quote from one of our advisors.
Research and understand each date
To avoid any potential penalties, is it essential that you research and understand what is required for each deadline, especially when it comes to submitting forms or financial reports. Knowing exactly what is needed can take away a significant amount of stress and prevent last-minute scrambling to get all the necessary information.
Learn more about our cloud accounting services.
Prioritise, organise, and give yourself time
To help prepare well in advance, you can use a checklist of all the tasks that need to be completed before the deadline and prioritise them based on their importance.
You can also set reminders and alerts on your computer/email calendar/phone to help you stay on top of what’s going on.
Here’s an example checklist you can follow to prepare for a Self Assessment Tax Return.
- Gather all relevant information: Before you start filling out your tax return, make sure you have all the necessary information at hand. This includes details of your income, expenses, and any tax-deductible items.
- Register for self-assessment: If you are new to self-assessment, you need to register with HM Revenue and Customs (HMRC). You can do this online or by post.
- Choose a filing method: You can either complete your tax return online or by paper form. Online filing is generally faster, and you have until 31 January to submit it. If you choose to file by paper, you must submit your tax return by 31 October.
- Fill out your tax return: The tax return form will ask you for details of your income, expenses, tax allowances, and any other relevant information. Make sure you fill out the form accurately, as mistakes can lead to penalties.
- Calculate your tax liability: Once you have filled out your tax return, you need to calculate your tax liability. This will depend on your income, expenses, and any tax allowances you are entitled to.
- Pay any tax owed: If you owe any tax, you need to pay it by 31 January. You can pay online, by phone, or by post.
- Submit your tax return: Once you have completed your tax return and paid any tax owed, you need to submit it to HMRC. If you are filing online, you will receive a confirmation once your tax return has been submitted.
Hire an expert
Preparing for financial deadlines can be a daunting task, and take time away from other important aspects of running your business. Hiring an expert accountant can alleviate that pressure, and ensure that you’re not paying too much tax.
A key part of working with the Self Assessment system is understanding what expenses can be claimed for. Examples of allowable expenses include:
- Office expenses, including the cost of office supplies.
- Travel expenses, including fuel, parking and public transport tickets.
- Equipment such as computers and cameras.
- Rent and utilities.
- Professional fees such as legal and accounting.
- Marketing and advertising.
Why choose CloudAccountant.co.uk?
Here at CloudAccountant.co.uk, we take the pressure off meeting your financial deadlines, including Self Assessment and CIS Tax Returns. Our user-friendly online system and assistance from our chartered accountants allow us to take care of your tax returns for you.
Simply complete our online questionnaire, we’ll make sure the numbers match so you know exactly what tax you owe or any refunds you’re due, and when it’s all approved, we’ll submit it to HMRC on your behalf.
Get in touch!
To discuss your financial requirements, including CIS or Self Assessment tax returns, you can either send us an email at info@cloudaccountant.co.uk, fill out our online form, or call us up for a free, no-obligation discussion with one of our advisors today on 01625 546 232.
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