Introduction
Each new year brings with it the promise of a fresh start, and many of us find ourselves with a renewed sense of ambition and motivation. However, for many self-employed people it is also a time of year where they find themselves stressing about the upcoming Self Assessment deadline and tax year end.
Instead of juggling receipts and frantically calculating car mileage, IPSE encourages all self-employed people to be as informed as possible about their finances and create good habits throughout the year to make any tax deadlines go that much smoother. We understand that is often easier said than done, which is why we've compiled all of our tax guidance on this page so that you can find the support you need all in one place.
Every year accountants are met with the mad rush of tax return deadlines with frustrated clients who can’t find the right information. Sadly this can mean that they sometimes miss deadlines and end up having to pay the resulting penalties. The articles below will help offer guidance on how to get ahead of your accounts and the tax benefits of following these simple tips.
More than 12m people file a Self Assessment tax return each year, which is almost a fifth of the UK population. They include people of all occupations, trades and backgrounds who work for themselves.
The start of a new year can be stressful for the self-employed, as they try to complete their tax returns and pay their taxes before the usual submission and payment deadlines of 31st January. Pulling together all of your invoices and receipts from the year can often be challenging when you would much rather be focusing on other aspects of your business. From helping you source an accountant to providing advice on how to be one step ahead of your finances, IPSE is here to make sure you have the information and support you need to ensure that filing your return is as pain-free as possible.
For queries about the paperwork, what to include and exclude, or the implications of the deadline extension, IPSE membership also provides you with free access to our Tax and Contract helpline, staffed with tax experts ready to assist you, just a phone call away.
There are a number of key dates in the tax year for freelancers and contractors. From the self-assessment deadline to your company’s annual Corporation Tax payment and even quarterly VAT returns, a tax obligation is always just around the corner if you work for yourself.
But one important event in the tax diary that doesn’t always get the attention it deserves is the tax year end. This falls on 5th April every year and is the date on which the UK personal tax year ends, with the new tax year kicking off the following day on 6th April.
Making Tax Digital (MTD) is the biggest overhaul of the tax filing regime in generations. From 2026, any business, sole trader or landlord with income of over £50,000 will have to file under the Making Tax Digital Rules.
To learn more about Making Tax Digital and digital record keeping, read the blog from our Director of Policy, Andy Chamberlain, and check out our latest webinar with them below.
Reach out to the IPSE Community for support
Being part of the UK’s largest community of freelancers and self-employed professionals means you have access to a group of likeminded individuals who can provide you with support and advice based on their own experiences.
There are loads of ways to interact with other members and freelancers - join our LinkedIn and Facebook groups, follow us on Twitter and Instagram, and join in at the Community Forum.
If you're looking for self-employed advice topics other than Tax, we can help.
We have a dedicated advice page to help you navigate directly to specific sections including brexit, coronavirus, business insurances, and ways of working.
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