Self Assessment can strike fear into freelancers, contractors and company directors alike. Once the new tax year starts, it’s only a matter of time before you have to dig out all those old invoices and expenses, dust off those ancient bank statements and tell HMRC how much money you owe them.
For veterans, completing a Self Assessment tax return is part of the financial furniture. For first-timers, though, it can be daunting. It’s important to know exactly what’s required long before the first time you need to file, as you’ll need to keep certain records, and to get in touch with your accountant to get certain forms.
To help out first-timers (or just those who need to brush up on their tax return skills) we’ve put together a dead simple 5-step guide to completing your Self Assessment.
“Quick and easy, I can concentrate on my business and there’s no nasty surprises at the end of the year.” – Claire Devlin, Devlin Design Limited
- What is a Self Assessment and do you need to file one?
- How to keep proper records – what you need to keep and why
- Tips on how to make the Self Assessment process easier
- What happens if you miss the deadline
- Self Assessment registration
- Keeping proper records
- Meeting the deadline
- Completing your Self Assessment
- Missing the deadline