A self-assessment is a tax return used to tell HMRC how much you have earned for this tax period in order to work out how much income tax & national insurance you owe. If you were self-employed or had multiple income streams between 06 April 2021 and 05 April 2022, you needed to file a self-assessment tax return by 31 January 2023. Preparing for a self-assessment tax return can be stressful, but it doesn’t have to be. We hope you managed to file your taxes in time!
Here are our top tips for getting it right:
- Ensure you are registered for self-assessment with HMRC you can do this through the government gateway
- Make sure you have a record of your unique tax reference (UTR) & National Insurance Number (NINO) as you will need this for filing
- Remember the deadline to file your self-assessment & make any necessary tax payments is 31 January 2024
- Make sure that you are organised. Gather all of your important documents, such as income statement, expenditure, and allowable expenses in one place so they are easy to access when needed
- Complete forms correctly and double-check your calculations before submitting them
- If anything is not clear, contact HMRC to ask for help
- Self-employed businesses should keep details used to complete their tax returns for up to five years after the 31 January deadline each year.
- A penalty can be incurred for failure to keep detailed & accurate records, so in the future, it’s crucial to stay organised & remember it’s never too early to start preparing for next year’s tax return!
