What is a Self Assessment tax return? Do you need to file one?

If you earn income that hasn’t been taxed at source, you might need to complete a Self Assessment tax return each year.  Self Assessment is how HMRC collects tax from people whose income isn't fully taxed via PAYE.

Tips to make Self Assessment less stressful

Here are strategies to stay on top of your Self Assessment:

• Keep good records all year.  Use accounting software to track income, expenses, receipts, invoices.

• Don’t leave it till January.

• Know which expenses you can claim.  Some allowable ones include business travel, office supplies, professional subscriptions, a portion of home‑office costs (if you work from home).

• Register early (if you haven’t before).  Getting your Unique Taxpayer Reference (UTR) and setting up your HMRC online services may take time.

• Don’t leave it to the last minute.  Filing early helps you spot mistakes and avoid penalties or being rushed.

• Double-check your return before submitting.  Mistakes or missing information can trigger HMRC queries.

• Work with a bookkeeper or accountant if your affairs are complex, especially if you have multiple income streams, foreign income, capital gains etc.

• Plan for payments on account and budget for them in your cash flow.

How I Can Help You

At Bee Bookkeeping and Accounts, self-assessment tax return is a service I provide:

• Organise your records to make the process smooth.

• Complete and submit the return for you.

• Help you plan for payments on account.

• Guide you through Making Tax Digital when it becomes applicable for you.

If you’d like to discuss this further contact info@beebookkeepingandaccounts.co.uk