New SA Submission Times??

belasta

I need some help, 
I am utterly clueless about tax and I run a small business who doesn't bring in much profit at the moment as just getting started but is just over the threshold.

I have been shown something about change of reporting:
"Changes to reporting income from self employment and partnerships

How to report profit on your Self Assessment tax return from 2023 to 2024 if your accounting year does not end on or between 31 March to 5 April."

I can't afford an accountant yet and not sure when this starts.

I began my business this year, 26th May 23, I've only been running less than a year , I dont know if this applys to me this year or if it begins next.

Any advice would be great - I began the business to see how the business goes - I keep my records on Zoho for basic in/out so I do have some records just incase.

Savvy_Sue

I would say that your accounting year is going to end on 31st May each year, so your first year will be 26th May 2023 - 31st May 2024.

So I'd say that whatever it says DOES apply to you. 

The alternative is to run a 'short' first year. 

Note I am not an accountant ...

pramsay13

Easiest way is to end your tax year on 5th April 24 and then complete a self assessment. Your deadline to complete will be 31st of January 2025 but no reason for you to hold off. 

SensibleSarah

My advice is same as above - end your first tax year on 5th April 2024 (so have a 'short' first year) and do a self-assessment return as soon as possible after 6th April 2024 (you won't have to actually pay anything until end of Jan 2025, but you'll get a caculation which tells you what you will need to pay etc). Have you already registered for self-assessment? Presumably, you're a sole trader rather than a ltd company? Have you been setting aside money for tax?