Welcome to our comprehensive guide on how to prepare and complete a self assessment tax return in the United Kingdom. Self assessment is a system that requires individuals who are self-employed, have income from rental properties, or have other sources of income to file a tax return with HM Revenue and Customs (HMRC) each year.
The process of completing a self assessment tax return can be daunting, but with the right guidance and preparation, it can be a relatively straightforward task. In this guide, we will cover everything you need to know to get started, including how to register for self assessment, what records you need to keep, and how to calculate your tax liability.
We will also provide tips on how to claim expenses and deductions, as well as how to avoid common mistakes that can lead to penalties and fines. Additionally, we will explain how to submit your tax return online, how to pay any taxes owed, and how to deal with any queries or disputes that may arise.
By following the advice in this guide, you will be able to prepare and complete your self assessment tax return with confidence. Remember to keep accurate records, submit your return on time, and seek professional advice if you are uncertain about any aspect of the process.
In addition, it is always best to seek the guidance of a professional accountant to make sure you are on the right track and in compliance with the UK tax laws.
As a LOYALS accountant with over ten years of experience helping London entrepreneurs with their self assessment tax returns, I am happy to provide you with a step-by-step guide to completing your own return. Please note that this guide is based on general information and does not constitute professional advice tailored to your specific circumstances.
Step 1: Gather all necessary documents
- Collect all relevant paperwork, including income statements, tax certificates, and any other documents that are required to complete your self assessment tax return.
- Make sure you have your National Insurance number and Unique Taxpayer Reference (UTR) number on hand.
Step 2: Register for self assessment
- If you have not already done so, register for self assessment with HM Revenue & Customs (HMRC) by visiting their website or calling their helpline.
- You will need to provide your contact details, National Insurance number, and UTR number.
Step 3: Complete the online self assessment tax return form
- Once you have registered, you will be able to access the online self assessment tax return form on the HMRC website.
- Fill in all required fields, including details of your income, expenses, and any tax reliefs you are entitled to.
- Make sure to double-check your calculations and ensure that all information is accurate.
Step 4: Submit your tax return
- Once you have completed the online form, submit it to HMRC by the deadline.
- The deadline for submitting your self assessment tax return is usually 31st January following the end of the tax year.
Step 5: Pay any taxes owed
- If you owe any taxes, you will need to pay them by the deadline, which is usually 31st January following the end of the tax year.
Step 6: Keep records of your self assessment tax return
- It's important to keep records of your self assessment tax return, including all supporting documents, in case HMRC asks to see them.
- To avoid any errors or omissions, it is advisable to use a software to complete your tax return, like Tax Calc or Taxfiler, these kind of software will also help you to maximise your tax reliefs.
- Always consider to keep all the invoices, receipts, and any other documents that support your expenses, in case of any future HMRC enquiry.
- If you are not sure about how to complete any part of your self assessment tax return, it is best to seek professional advice from a LOYALS accountant or tax advisor, in order to ensure compliance with the latest tax laws and regulations.
As a LOYALS accountant, I am dedicated to providing affordable and professional tax return services to individuals and businesses in London.
Our team of experienced and qualified accountants have over ten years of experience in helping entrepreneurs and individuals with their self assessment tax returns. We understand that completing a tax return can be a complex and time-consuming task, which is why we are here to help.
Our services include completing and submitting your tax return on your behalf, as well as providing advice and guidance on tax reliefs and deductions that you may be entitled to. We also provide a review service for those who have already completed their tax return, to ensure that everything has been filled out correctly and that no errors have been made.
We pride ourselves on providing a personal and friendly service, and we are always available to answer any questions or concerns that you may have. Our fees are competitive and we are committed to providing value for money.
If you're experiencing any difficulties in completing your tax return, or if you just don't have the time to do it yourself, please don't hesitate to contact us. We'll be happy to help and ensure that your tax return is completed correctly, on time and with the minimum of fuss.
Don’t let the stress of completing your tax return take over, let us take care of it for you. Contact us today to find out more about our affordable tax return services.