If you’re a sole trader, a partner in a business partnership, a limited Company Director or Shareholder or have other untaxed income, you may need to complete an online self-assessment tax return (and pay what you owe) by 31 January 2021.
When you run a small business, it is easy to get caught up in the daily hustle of grind of winning business, delivering a great service and keeping people happy. But when you are so focused on growth and success in the short term, it can be difficult to think about the next few months, let alone decades.
This may be part of the reason why so many freelancers, limited company directors and other small business owners seem to be so ill-prepared for retirement.
HMRC has revealed that more than 100,000 self-employed Brits applied for financial aid in the first few hours after the income support scheme opened.
The Self-Employment Income Support Scheme (SEISS) was originally announced in March to help freelancers and other self-employed workers who have seen their income dip.