With under 100 days remaining until the 31 January Self Assessment deadline, HMRC is encouraging individuals, including retailers, to start their tax returns early.
Of course, preparing a tax return can be a time-consuming process, however HMRC states that filing ahead of time is a great way to reduce the risk of errors and last-minute stress, giving you more time to address any questions or complications that might come up.
Submitting your Self Assessment return early also allows you to see your tax obligations sooner, making it easier to plan and budget accordingly. Over 3.5 million people have already filed, enjoying peace of mind and better control over their finances as a result.
If you’re new to Self Assessment, remember to register with HMRC to get your Unique Taxpayer Reference, which you’ll need to file. HMRC has provided helpful YouTube videos and step-by-step guides for those filing for the first time or needing assistance.
Be cautious of tax-related scams; HMRC will never ask for personal login details. Visit GOV.UK for more guidance, including a checklist to identify scams, and access the full announcement on the Self Assessment deadline below.
Latest Resources
-
Campaign Focus | High street support ahead of the Budget
High streets have been big topics over the last week. With the Budget upcoming, Bira have been discussing in Westminster how the Government can best support high streets.
-
Campaign Focus | Meeting with the Metropolitan Police
Bira was invited to meet with senior officers in the Met to discuss retail crime in the London boroughs, where police outlined ongoing plans to crack down on shop theft and dodgy shops.
-
Preventing a cyber attack and fraud as an independent business | A simple yet important checklist for retailers
Practical cyber security advice for independent retailers to protect their business, customers and data from cyber attacks and fraud.
-
The Employment Rights Act: Your handy one-page printout as an independent retail business
A one-sheet guide to key Employment Rights Act changes, practical actions for retailers and important dates employers need to know.