We are fast approaching that time of year that you will need to submit your Self Assessment Tax Return. Especially if you are self employed like me. This can be a very daunting process if you are not on top of your finances. But also if your are submitting for the first time.
The Tax office have moved to having Self Assessments submitted online. This is to try and streamline the whole process. This makes it incredibly easy and convenient to submit. They will normally contact you by email or letter to advise you that it is time to submit your forms. This is usually around April or May time. You then have until around October to submit your forms. I would strongly recommend getting on and submitting at your earliest opportunity.
Further Information
Further information on how to submit your Tax Return is available direct from the HMRC website. Many common questions can be answered by browsing through their Frequently Asked questions. Click here to be taken to the HMRC pages for Tax Returns.
If you haven’t already read my previous blog post on keeping your finances organised; I would strongly suggest you have a look. The post will ensure when the time comes you are ready and organised. Click here to read my post on keeping your business finances in order.
Essentially the only information that you will need is your income and any expenses. If you have tracked this throughout the year your Self Assessment should be simple. So you will need to track how much comes in from sales. Also how much you have spent to make stock and orders. As a back up to your tax return you should keep copies of all your receipts. This is so that verification can be made to what numbers you are submitting.
The online form
Your tax assessment online will ask you if you have any other benefits. For example income or benefits. As long as you have calculated your total in and out goings; you should be armed with the necessary information to submit the form.
Once the form has been submitted; you will be advised of any tax or national insurance contributions that will need to be paid. Again this can all be arranged online through your government gateway. Your national insurance contributions normally have to be paid by January of the following year.
Help available
If this process seems a bit daunting you can always employ an accountant. They will be able to complete your tax return and advise of any payments that will need to be made. Some people prefer to do this so they know the forms have been completed correctly. You will still need to submit any details of income and expenses to your accountant. From this they will be able to do the tax return on your behalf.
Please don’t feel too overwhelmed by the self assessment process. It is very simple especially once you have completed the process before. I understand this is easy to say to someone who is completing for the first time. However it can be quite straightforward.
Let me know if this very brief outline has given you any reassurance. Also please comment with any tips on arranging or submitting your tax return.
