Self-assessment date

[freeflowinfo]

Hi if a sole trader started in July 2023 as a very small business when does he have to submit his accounts first time to the inland revenue as self self-assessment? January 2024 or 2025?

 

[MyAccountantOnline]

You wont submit accounts to HM Revenue & Customs you'll submit a Self Assessment tax return to HMRC which will include supplementary pages to declare your self employed income.

You've commenced trading in the tax year to 5 April 2024 and the final deadline date for that tax return to be with HMRC will be 31 January 2025 (but dont leave it that long)

Hi if a sole trader started in July 2023 as a very small business when does he have to submit his accounts first time to the inland revenue as self self-assessment? January 2024 or 2025?

 

[freeflowinfo]

So in my case July 2023 is the tax year you are talking about

"tax year to 5 April 2024" and my deadline would be january 2025?

You wont submit accounts to HM Revenue & Customs you'll submit a Self Assessment tax return to HMRC which will include supplementary pages to declare your self employed income.

You've commenced trading in the tax year to 5 April 2024 and the final deadline date for that tax return to be with HMRC will be 31 January 2025 (but dont leave it that long)

 

[DontAsk]

Forget July, it's all about tax years.

 

[neilsolaris]

To

Forget July, it's all about tax years.

To elaborate on tax years, the tax year runs from 6th April to 5th April the next year. So I would treat your first year of business as starting in whichever date in July 2023 you started at, and set your last date as 5th April 2024. Your second accounting year will be from 6th April 2024 until 5th April 2025, and so on.

If you file your accounts online, you have until 31st of January, following the end of your accounting year.

 

[MyAccountantOnline]

So in my case July 2023 is the tax year you are talking about

You would normally prepare accounts for 12 months but the way sole traders are taxed is changing so you'll probably find it much easier to prepare your accounts each year to 5 April.

I'd prepare your first accounts from the date you commenced in July 2023 to 5 April 2024 and then that will be the income you'll declare as self employed income on the tax return to 5 April 2024.

 

[freeflowinfo]

Thank you that confirms what i thought,i only put down July so people knew it was not before April.