Self Assessment: What to Watch This Year
The Self Assessment tax return deadline (31 January) continues to be one of the biggest pressure points for self-employed individuals. HMRC has again reminded taxpayers that late filing or late payment can result in:
- Automatic £100 late filing penalties
- Daily fines after 3 months
- Interest charged on unpaid tax
Managing Tax Bills as a Self-Employed Individual
With the cost of living still high, managing cash flow is a growing concern for many sole traders. Key tax points to keep in mind include:
- Payments on Account – these can catch new self-employed individuals off guard
- Allowable expenses – claiming everything you’re entitled to reduces your tax bill
- National Insurance contributions – still apply to most self-employed workers
A proactive tax plan can help spread costs and avoid unexpected bills.
Why Professional Accountancy Support Matters for the Self-Employed
A good accountant can help with:
- Self Assessment tax returns
- Expense and mileage claims
- MTD preparation
- HMRC enquiries and penalties
- Year-round tax planning
Most importantly, it gives you peace of mind and more time to focus on running your business.
