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Real Estate
Title: HMRC Urges Sole Traders and Landlords to "Act Now" on Tax Returns: Key Deadlines and Tips
Content:
The UK's tax authority, HM Revenue and Customs (HMRC), has recently issued a strong call to action for sole traders and landlords, urging them to "act now" on their tax returns. With key deadlines approaching and potential penalties looming, the message from HMRC is clear: don't delay in filing your tax returns and paying any outstanding taxes.
HMRC's urgent message comes as the deadline for self-assessment tax returns looms closer. For the 2022-2023 tax year, the deadline for filing online is January 31, 2024. Failure to meet this deadline can result in automatic penalties, with fines starting at £100 and increasing for late payments.
Additionally, with the cost of living crisis affecting many, HMRC is keen to ensure that individuals receive any tax refunds they may be entitled to as quickly as possible. By filing early, sole traders and landlords can potentially receive refunds sooner, providing much-needed financial relief.
This call to action applies to:
Both groups are required to complete a self-assessment tax return if their income exceeds certain thresholds or if they meet specific criteria set by HMRC.
Understanding the key deadlines and potential penalties is crucial for sole traders and landlords to avoid unnecessary fines and stress.
For those required to make payments on account, the deadlines are:
To help sole traders and landlords navigate the process smoothly, here are some key tips:
Before starting your tax return, ensure you have all the necessary documents at hand. This may include:
HMRC provides various online resources to help with tax returns:
If you find the process overwhelming or have complex tax affairs, consider seeking help from:
Filing your tax return early can help you avoid the last-minute rush and potential technical issues. It also allows you to:
To ensure a smooth filing process, be aware of these common mistakes:
Recognizing the challenges faced by taxpayers, HMRC has put in place various measures to provide support:
For those struggling to pay their tax bill, HMRC offers:
HMRC provides a wealth of educational resources, including:
The message from HMRC is clear: acting now on your tax return can save you time, money, and stress. By filing early, you can:
For sole traders and landlords, the call to "act now" from HMRC is not just a suggestion—it's a necessity. With the right preparation and resources, you can navigate the tax return process smoothly and ensure compliance with HMRC's requirements.
As the January 31, 2024, deadline approaches, take the time now to gather your documents, seek professional advice if needed, and file your tax return. By doing so, you'll not only meet your legal obligations but also set yourself up for a stress-free start to the new year.
