How to Complete Your Self-Assessment Tax Return

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selfassessment tax return

In order to make sure that you’re not missing any essential information, you should complete your self-assessment tax return. It doesn’t have to be a stressful task; we’ve compiled some tips for you to make the process as simple and straightforward as possible. When you’re self-employed, you’re responsible for filing your own tax return. However, it’s important to remember that self-assessment works in slightly different ways depending on how you file it.

Help You Fill In Your Tax Return

For new self-employed people, it’s important to register online before the 5th of October of their second tax year, as failure to do so could result in a fine. After registering, you’ll receive a letter from HMRC containing your Unique Taxpayer Reference number. This number is required to file your self-assessment tax return, and it will be your account number as well.

You can also opt to get help from an accountant to fill out your tax return. Accountants can help you calculate your tax and National Insurance, and they can help you fill in your tax return, too. In some cases, you can even claim their fees as an allowable business expense. But the deadlines for submitting your tax return are the same every year, and you’ll have to submit your return by 31 January 2023.

You should register for your Self Assessment tax return by the end of the year for which you have to pay. Usually, this is the same as for individuals. If you’re a sole trader, you can register on 5 October of the calendar year in which your tax year ended. However, you must register for your Self Assessment tax return if you want to avoid late filing and payment penalties. Otherwise, you’ll have to wait until the end of the year to file your return.

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