Why The January 31 Self-Assessment Deadline Matters

When it comes to your business life, there’s simply always something to do.  Certain things, like your profits, obviously come first.  However, one of the things that often slips down the list of importance is paying tax.  It makes sense to be organised but it’s easier said than done. Running a business takes precedence, but…


Not getting on top of the tax deadline can mean a whole lot of bother, which at best can be frustrating, while at worst can cost you a whole lot of cash. Keep in mind the following for the best from your professional and personal life!


Top reasons to prioritise your deadline


Even with the bedlam that often goes with running a business and keeping on top of everything properly, the reality of the January 31st deadline for your self-assessment should be at the forefront of your mind:


  • Deadlines are taken seriously: Whilst some deadlines have wiggle room this one doesn’t. You must file your self-assessment by January 31st, or you will start to be hit with late fees and extra charges. These are not easy things to ignore!


  • Late fees add up quickly: From that first day fees will start to add up. Start to stretch that out to 60 or 90 days, as well as extra percentages on top of that daily fee, and we are talking significant increases in the amount payable.


  • It can negatively impact on your professional reputation: While this may not be something that your customers or clients see directly, consistently being late with assessments and having extra fees can negatively impact on your business from an official point of view. Like a ripple in a pond, your reputation will shift and adapt, felt in areas that you maybe never considered. For example, when you are looking for a business loan, or to increase the payback agreement for a loan.


  • It gives you time to put together your details: Deliberately keeping this deadline in mind and remembering what you need to have ready for it, means that you are in control. Decide not to go down the stressful route of hunting for those receipts or bank records at the last minute, by keeping your paperwork up-to-date and orderly provides clarity.


  • Start a habit for your peace of mind: It takes a while to get into a habit, but this is one that you will be grateful for. Collate your business paperwork in one area and make time each week or month solely for admin stuff. Being in control of the details of your business is a great feeling.


Regardless of how you try to justify it, there is simply no good reason for missing, or ignoring the deadline. The result of this is pointless hassle, so getting ahead of the game is going to feel much better, especially when it comes to side-stepping all those extra fees.


Just like a lot of things in your business, being successful comes down to being prepared. Make the January 31st deadline a priority in your business plan.


Planning is key to success


By following this advice, you can prepare for that fact that you won’t need to worry about the deadline, because you will have paid up beforehand. With all your paperwork together and your head in the right space, tax and self-assessment season will simply be another tick box on your list. That’s a great feeling that will allow you to focus more attention on the important stuff – building your business.


Share this post:

Don’t miss out on exclusive insights and expert tips! Sign up for our newsletter today and stay ahead in your journey to financial success with the Profit First method.

Join Our Newsletter

Subscribe to have the latest Profit First news and helpful accountancy advice direct to your inbox!

Thank you for subscribing to our newsletter!