Tax

[Newnamefor2021]

When people talk about self assessments etc that are due Jan is that for last financial year? Or this? I've submitted last years as I didn't make anything, but do I need to do anything?

So a self-assessment is something you would do as an individual, not as a company. The deadline for self-assessment is Jan 31st 2023 for the tax year 2021-22, so in other words you have 10 months after the tax year ends to do your tax return. (Just to make it extra confusing, you may have paid some tax on account for 2022-23 when you paid that tax bill, but let's just ignore that for now!).

Your company may need to submit a separate tax return, I think it depends on whether you're a limited company or a sole trader. For a limited company it's based on the financial year of the company, so my company runs Feb-Jan because I incorporated it in January. I thought my deadline was October for the 2021-22 company year but now I'm not sure as HMRC have been paying me interest because I made the payment early. On I didn't think I had. 😲That tax is corporation tax.

@tribpot thank you. That helps a lot.

I'm a sole trader at the moment. I'm still trying to figure it all out. I think I'm only up to £500 profit but then I'm a bit confused about what are assets. I saw someone mention tax returns for Jan and panicked as I'm still trying to figure things out.

Feel relieved I don't need to do anything right away.