Self-Assessment Tax Tips for Freelancers in London

If you're a freelancer in London, you already know that taxes aren’t taken out of your pay automatically. That’s where self-assessment tax returns come in—and why staying on top of them is so important.

Here are some practical tips to help you stay organised, avoid fines, and keep more of your income.

1. Register for Self-Assessment Early

If you're new to freelancing, you’ll need to register for self-assessment with HMRC by 5th October after the end of the tax year.

Tip: Don’t leave it too late—registration can take a few weeks.

2. Track Your Income and Expenses

Keep a running list of invoices, receipts, and bank transactions. Separate personal and business accounts if possible.

Tip: Use a bookkeeping app or hire a freelancer tax accountant in London to help manage this.

3. Know What You Can Claim

Freelancers can claim things like:

  • Home office costs
  • Internet and phone bills
  • Equipment and subscriptions

Tip: Keep receipts and work with a London tax advisor to ensure you don’t miss deductions.

4. Save for Your Tax Bill

Put aside 20–30% of your income to cover your tax and National Insurance payments.

Tip: Set up a savings account just for tax—it’ll make payments much easier when they’re due.

5. File Early (and Online)

The deadline is 31st January, but filing early gives you peace of mind and time to plan for your tax payment.

Tip: Filing online is quicker and helps you avoid errors.

Make Self-Assessment Easier With Help

Filing taxes as a freelancer doesn’t have to be stressful. With the right support, you can stay compliant, claim everything you’re entitled to, and focus on your work.

LOYALS Accountants – Supporting London Freelancers With Simple, Smart Tax Advice.