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5 things to do after you’ve submitted your tax return

If you (or your accountant) have already submitted your tax return, give yourself a big pat on the back. Because one in five self-employed people in the UK admit they leave their tax return until the last minute – and one in seven have submitted late and incurred a fine!

But now that your tax return is filed, what’s next? Here are five jobs to do now to keep your finances in order.

  1. Pay your tax bill
    It sounds obvious, but if you haven’t yet paid the tax you owe, do it now. The deadline for payment is midnight on 31st January but, occasionally, some people have experienced website problems when trying to pay at the last minute. Pay up now and tick that item off your to-do list.
  2. Use the figures to plan the year ahead
    If you’ve done your 2022 business planning, you can use the revenue and expense figures from your tax return to firm up those plans, based on actual performance. And if you haven’t yet done any business planning for this year, it’s never too late. A good accountant will help you with financial forecasts and even your business strategy.
  3. Take your expenses out of the business
    If you claim your expenses on a monthly basis, you can skip this step. But if you don’t claim regularly, take this opportunity to reimburse yourself. You’d be amazed how many people forget to do this.
  4. Save for your next tax bill
    Based on your tax return, you should have a decent idea of how much money to set aside for your next tax bill. How you save this money is up to you – for example, you can save the same amount each month, or set aside a percentage of each invoice. An often-quoted rule of thumb is to save 30% of earnings, but do talk to your accountant to establish the right figure for you.
  5. Plan when to do your next tax return
    While a significant number submit their tax return in January, it can be done any time after the end of the tax year (5th April). So why not talk to your accountant about avoiding the January rush and submitting your next tax return early?

Here at Jupp Castle, we love helping clients get ahead. Book a free chat with us to discuss your tax and business finance needs this year.

[1] Source: https://www.ey.com/en_uk/news/2021/01/a-fifth-of-self-employed-uk-workers-leave-their-tax-return-until-the-last-month-to-complete

(Photo by freestocks on Unsplash)

At Jupp Castle, we offer accountancy, taxation and financial advisory services to a wide range of businesses and individuals. Our services cover everything from payroll to pension investments, personal tax returns to Charity Commission filing.

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