January Self Assessment: How to Stay in Control of Your Finances

For many business owners, freelancers and landlords, January means Self Assessment. With the 31 January deadline approaching, it can feel like a stressful way to start the year- especially when cash flow is already under pressure after Christmas.

At Hammond Rock, we work closely with businesses navigating seasonal cash flow challenges, tax obligations and growth plans. With the right preparation and support, January Self Assessment doesn’t have to derail your business finances.

What Does the January Self Assessment Deadline Mean?

By 31 January, you must:

• Submit your online Self Assessment tax return for the previous tax year
• Pay any tax owed
• Make your first payment on account for the current tax year (where applicable)

These combined payments can be significant, and without proper planning they can place strain on working capital. Hammond Rock helps businesses understand these liabilities early, so there are no surprises when the deadline arrives.

Why January Can Be Financially Challenging

January is often one of the most demanding months for cash flow:

• Trading may be slower following the festive period
• VAT payments may also fall due
• Payments on account can double the immediate tax burden

For growing businesses, these pressures can limit day-to-day flexibility. Hammond Rock supports business owners by helping them manage cash flow gaps and maintain stability during peak financial pressure points like January.

Planning Ahead Makes a Difference

1. File early and stay informed
Filing your return early gives you clarity on what you owe and time to plan. With this information, Hammond Rock can help you explore funding options that support your tax obligations without disrupting operations.

2. Understand the full cost of Self Assessment
Many business owners underestimate the impact of payments on account. Hammond Rock works with you to understand the full picture and ensure your business remains financially resilient.

3. Keep cash flow moving
Rather than using vital working capital to cover tax bills, flexible finance solutions can help spread the cost while keeping your business running smoothly. Hammond Rock specialises in supporting businesses through short-term funding challenges.

What If Paying Your Tax Bill Is a Concern?

If paying your Self Assessment bill in one lump sum feels unmanageable:

• HMRC may offer a Time to Pay arrangement
• External finance can help bridge the gap and protect cash flow

The most important step is to act early. Hammond Rock can help you assess your options and find a solution that aligns with your business needs, rather than reacting under last-minute pressure.

Using January as a Reset for the Year Ahead

January isn’t just about meeting deadlines, it’s an opportunity to review your financial position and plan ahead. Improved forecasting, clearer cash flow visibility and access to the right funding can make future tax deadlines far less stressful.

At Hammond Rock, we support businesses not just during tax season, but throughout the year- helping owners make confident financial decisions, manage cash flow effectively and focus on growth.