Self Employed: How to File Your Own Self-Assessment

The Self-Assessment deadline is imminent. You need to file your Tax Return but you are not sure what to do.

Well, we have compiled a handy list of tips to help you file you tax return before time runs out.

Self-Assessment, What You Need

You will need the following information to file your Tax Return:

Your Personal Information, this includes:

  • Government Gateway Login and Password
  • National Insurance Number
  • Partners Information, if you want to claim Marriage Allowance

Your Income, this includes:

  • P45 or P60 – covering employment income and tax deducted
  • P11d Benefit in Kind Forms
  • Dividend, savings and interest certificates
  • Pensions
  • Rental income and expenses
  • Self-employment income and expenses

Government Gateway Login

This refers to your HMRC login and password. If you have forgotten your login or password, the Sign in page can solve this problem for you.

Be Prepared, Be Organised

Before you even begin your Self-Assessment, there are yearly important documentation for the tax year required to proceed, ensure you have the following documents first and foremost:

  • Bank interest
  • P60
  • List of Income
  • List of Expenses

Make sure to organise and categorise all your business related transactions, to make a quicker Tax Return. This includes; travel, stationary, accommodation and other business items. If you’re Self-Employed, you can check your expenses on the HMRC website.

Slowly but Surely

It is best to take your time and not rush through your Self-Assessment, you don’t want to have to make a mistake.

So follow the instructions carefully, one step at a time to successfully complete your return.

It’s important to spend time checking all your figures to make sure everything is correct, before you submit your Tax Return online.

If you need assistance, feel free to contact us. Companies999, as well as a Company Formation agent, are also a Chartered Accountancy practice.

We will therefore expertly advise you and ensure you remain compliant.

Sooner, the Better!

If you cannot complete your Self-Assessment before the deadline, then don’t submit it an inaccurate tax return.

If you miss the deadline, you will receive a £100 fine, and charged interest.

You can submit your Tax Return after the deadline, but HMRC increase late filing penalties the longer you leave it.

We have created several posts surrounding the Self-Employed matters for further reading here.

For more information we provide a Business Consultation to fulfill all your business needs including Tax Returns.

For any assistance contact Companies999, we will be happy to help you!

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