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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.