Being the boss of your own business is rewarding and can be great fun. Having no boss, nobody to report to except yourself, and control of your work and life balance are all possible when you are in charge of your own self-employed business. However, it can come with challenges and it takes a lot of skill, hard work and dedication to make a business work. One of the challenges that often takes a large toll on self-employed people is the demands of the annual self-assessment process. Tax is an important part of the country’s economy, and it is important for self-employed business owners to make sure that they fill in their self-assessment accurately and on time so that they can make sure that they pay their appropriate tax each year.
Any self-employed person will admit that despite efforts in the last few years to simplify the process with online forms and online accounts, the self-assessment procedure can loom over the whole year’s accounting and strikes fear and trepidation in the uncertain. Book-keeping is an essential part of being able to fill in an accurate self-assessment. Barnsley, Yorkshire, or elsewhere in the country, self-employed business owners struggle annually with making sure that their records are up to date and that the tax man has no reason to come knocking.
At the end of the 2019-2020 Tax year, HMRC declared that only a week before the deadline of 31st January over three million people in the UK had still not filed their self-assessment. Barnsley, Yorkshire, will have been home to many of those three million, as there has been a massive increase in new business start-ups in the last four years. In the end though, it has been a record year as over 11.1 million taxpayers got in before the deadline. Scarily though, there are many people who put off their self-assessment until the very last minute. More than 700,000 people submitted their self-assessment on deadline day, and the busiest hour was between four and five in the evening which saw just short of 60,000 self-assessment tax returns filed. Even more terrifying are the 26,563 who filled in their returns in the last hour of the 31st of January 2021, getting their self-assessment paperwork in just before the deadline at midnight.
Help with Self-Assessment, Barnsley
Yorkshire residents who have to fill in a self-assessment form with HMRC do not need to suffer alone. For anyone needing to fill in a self-assessment, Barnsley, Yorkshire, based professional accountancy firm David Adamson Accountants can help take the pressure off. With many years of professional account management and self-assessment experience, David Adamson is able to help organize and track accounts through the year and fill in self-assessment documents in a timely and accurate way to make sure you pay no more tax than you have to. For advice or a consultation, call David Adamson free on (01226) 725 925. For more details visit the website here, and take your first step to an easier self-assessment.