Simplify Your Self-Assessment Returns Today
- Jason Short
- Sep 9
- 4 min read
Filing your self-assessment tax return can feel overwhelming. But it doesn’t have to be that way. With the right approach and a bit of organisation, you can make the process straightforward and stress-free. I’m here to guide you through the essentials, share practical tips, and help you avoid common pitfalls. Whether you run a small business, work for yourself, or manage rental properties, this post will help you simplify your self-assessment tax filing.
Understanding Self-Assessment Tax Filing
Self-assessment tax filing is the system HMRC uses to collect Income Tax from individuals who don’t have their tax automatically deducted from their earnings. This includes self-employed people, landlords, and those with other untaxed income. You are responsible for reporting your income and calculating how much tax you owe.
The process might seem complicated at first, but breaking it down into manageable steps makes it easier. Here’s what you need to know:
Register with HMRC: If you haven’t already, you must register for self-assessment. This is essential to get your Unique Taxpayer Reference (UTR) number.
Keep accurate records: Track your income and expenses throughout the year. Good record-keeping saves time and reduces errors.
Complete your tax return online: HMRC’s online system is user-friendly and guides you through the process.
Pay your tax on time: Avoid penalties by submitting your return and paying any tax due by the deadlines.
By staying organised and proactive, you can avoid last-minute stress and ensure your tax affairs are in order.
Tips to Make Self-Assessment Tax Filing Easier
I’ve found that a few simple habits can make a big difference when it comes to self-assessment tax filing. Here are some practical tips to help you stay on top of your tax responsibilities:
Set up a dedicated business bank account
Keeping your business and personal finances separate makes it easier to track income and expenses. It also simplifies your record-keeping.
Use accounting software
Tools like QuickBooks, Xero, or FreeAgent can automate much of the work. They help you record transactions, generate reports, and even submit your tax return.
Keep receipts and invoices organised
Store digital copies of all your receipts and invoices. This helps you claim all allowable expenses and supports your figures if HMRC asks for evidence.
Review your records regularly
Don’t wait until the tax deadline to check your finances. Regular reviews help you spot errors early and plan for any tax payments.
Seek professional advice when needed
If your tax situation is complex, getting help from an accountant can save you time and money. They can also ensure you’re claiming all the reliefs and allowances you’re entitled to.
By following these tips, you’ll find the self-assessment process much less daunting.
What are the dates for tax year 23-24?
Knowing the key dates for the tax year 2023-24 is crucial to avoid penalties and interest charges. Here’s a quick rundown of the important deadlines:
6 April 2023: Start of the tax year 2023-24.
5 April 2024: End of the tax year 2023-24.
31 October 2024: Deadline for paper tax returns for the 2023-24 tax year.
31 January 2025: Deadline for online tax returns and payment of any tax owed for 2023-24.
31 July 2024: Deadline for paying the second payment on account for the 2023-24 tax year (if applicable).
Missing these deadlines can lead to fines, so it’s important to mark them in your calendar and plan ahead.
If you’re new to self-assessment or want to make sure you’re on track, setting reminders early in the tax year can help you avoid last-minute rushes.
How to Prepare Your Documents for Self-Assessment
Preparation is key to a smooth self-assessment tax filing. Here’s a checklist of the documents and information you’ll need:
Your Unique Taxpayer Reference (UTR) number
This is your personal reference for all tax matters.
National Insurance number
Needed to confirm your identity.
Details of your income
This includes earnings from self-employment, rental income, dividends, interest, and any other sources.
Records of expenses
Keep receipts and invoices for allowable business expenses such as office supplies, travel costs, and professional fees.
P60 or P45 forms
If you have any employment income.
Bank statements
To verify income and expenses.
Details of any pension contributions or charitable donations
These can affect your tax calculation.
Having these documents ready before you start your return will save you time and reduce errors. If you use accounting software, much of this information will already be organised for you.
Why Professional Help Can Make a Difference
While many people complete their self-assessment tax filing on their own, professional advice can be invaluable, especially if your finances are complex. Accountants and tax advisors can:
Ensure accuracy
They know the rules and can help you avoid mistakes that might trigger HMRC enquiries.
Maximise your tax reliefs
Professionals can identify deductions and allowances you might miss.
Save you time
Preparing your return can be time-consuming. An expert can handle it efficiently.
Provide peace of mind
Knowing your tax affairs are in order reduces stress.
If you want to simplify your tax filing and get expert support, consider working with a trusted accountant. For example, Short and Sons Accountants specialise in helping small businesses and landlords in the Staines area. They offer clear advice, fixed fees, and a friendly service designed to make tax easier.
Taking the Next Step
Filing your self-assessment tax return doesn’t have to be a headache. By staying organised, keeping good records, and understanding the process, you can make it straightforward. Remember, the sooner you start, the less stressful it will be.
If you want to learn more or get personalised help, don’t hesitate to reach out to professionals who understand your needs. Taking control of your tax filing today means more time to focus on growing your business or managing your properties.
Ready to simplify your self-assessment returns? Visit Short and Sons Accountants to find out how they can support you every step of the way.