As summer comes to an end, many business owners begin planning for the final quarter of the year. While autumn often brings a renewed focus on budgets, growth plans, and year-end targets, it is also an important time to stay ahead of key tax deadlines.
Missing a deadline can result in unnecessary penalties, interest charges, and last-minute stress. Taking some time now to prepare can help ensure everything runs smoothly in the months ahead.
Key dates to have on your radar
For many individuals, sole traders and business owners, autumn marks the start of the countdown to Self Assessment deadlines. Some important dates include:
- 5th October - deadline to register for Self Assessment if you need to submit a tax return and have not previously registered.
- 31st October - deadline for submitting a paper Self Assessment tax return.
- 30th December - deadline to submit an online tax return if you want certain tax owed to be collected through your PAYE tax code.
- 31st January - deadline for online Self Assessment tax returns and payment of any tax owed.
Although January may seem a long way off now, this is the perfect time to start preparing!
Don’t leave your tax return until the very last minute
One of the biggest mistakes we see is business owners waiting until January to begin gathering information. Preparing early gives you time to:
- Locate missing records or paperwork
- Review income and expenses thoroughly
- Identify potential tax reliefs and allowances
- Understand any tax liability in advance.
- Budget effectively for upcoming payments.
Submitting your tax return early does not mean paying your tax bill early. You will still have until the payment deadline to settle any amount due, but you’ll know exactly what you need to plan for.
Check that your records are up to date
Good record keeping makes tax compliance significantly easier! Now is a good opportunity to review things like business income records, expense receipts and invoices, payroll, dividend payments and pension contributions.
Accurate records not only help you complete your tax return correctly, but can also reduce the risk of errors that may trigger HMRC enquiries.
Be aware of payments on account
Many self-employed individuals are required to make payments on account towards their next tax bill.
These advance payments are usually due on the 31st January and 31st July each year and are based on your previous year's tax liability. If your income has changed significantly, it may not be possible to adjust future payments to better reflect your circumstances.
Understanding these obligations ahead of time can help avoid unexpected cash flow pressures.
Consider your wider tax position
Autumn can also be a useful time to review your broader financial and tax planning. Questions worth considering include:
- Is your current business structure still the most tax-efficient?
- Have you made full use of available allowances and reliefs?
- Are there opportunities for pension contributions before year-end?
- Have changes in income affected your tax position?
- Are you prepared for future reporting requirements and compliance obligations?
A proactive review now can often uncover opportunities that may be missed during a rushed January filing season.
The Haines Watts difference
Managing tax deadlines while running a business can be challenging, especially when you’re focused on serving customers and growing your company.
At Haines Watts, our friendly team works closely with business owners to help them stay compliant, plan ahead, and make informed financial decisions. Whether you need support with Self Assessment, business tax planning, or ongoing accountancy advice, our team is here to help.
If you’d like to discuss your tax position or ensure you’re fully prepared for the months ahead, get in touch with our team today.
