Saving you money
Self-employed workers pay their taxes differently from those who are on a dedicated payroll system.
This involves calculating your taxes, factoring in your personal allowances and expenses, and then filling out your self-assessment tax return.
There are strict deadlines in place for your self-assessment tax returns. If you register and submit your return via post, you have to give yourself enough time to make sure HMRC will receive it by the deadline.
The same goes for online returns. Failing to meet the deadlines will result in fines from HMRC, which will increase further past your submission deadline.
That’s why at PMK Associates, we believe in getting a head start on your self-assessment, saving you the time and the stress of rushing to ensure the submission date.
We see no reason why the system shouldn’t work for you. By completing your tax return early, you’ll likely receive any outstanding tax refunds sooner, meaning you know your tax liabilities have been met and you have some extra money to save.
With the upcoming changes to self-assessment tax returns with the rollout of Making Tax Digital for income tax self-assessment (MTD for ITSA), we believe it’s important to keep our clients informed and prepared for anything.