Expert Accounting Resources

The online self assessment deadline is 31st January following the end of the tax year (5th April). For the 2023/24 tax year, the deadline is 31st January 2025. Late filing incurs automatic penalties starting at £100.

Claim expenses that are wholly and exclusively for business use, such as office costs, travel, equipment and software, professional fees, marketing, and business insurance. Keep receipts for every claim and check the official guidance at gov.uk/expenses-if-youre-self-employed.

You must register for VAT if your taxable turnover exceeds £90,000 (2024/25 threshold). You can also register voluntarily if below this threshold, which may benefit your business if you have significant VAT-able expenses.

Sole traders have simpler admin and lower costs but unlimited liability. Limited companies offer tax efficiency (typically beneficial above £50k profit) and liability protection, but require more administration. We can advise on the best structure for your situation.

Keep records for at least 6 years after the 31 January submission deadline of the relevant tax year. For limited companies, keep records for 6 years from the end of the company financial year. Digital records are acceptable.

Making Tax Digital is HMRC's initiative requiring digital record-keeping and quarterly reporting. MTD for VAT is already mandatory for VAT-registered businesses. MTD for Income Tax will become mandatory for self-employed individuals and landlords from April 2026, with self-employed income over £50k in 2024/25 required to comply.