Self Assessment Tax Returns – Six very useful hints and tips

December 11, 2023 by Natalie Brewer
Self Assessment Tax Returns – Six very useful hints and tips

Completing your self assessment tax return can feel like a chore but it is really important to complete your return correctly and on time.  By 31st January, 2024, all of your income from the 2022-2023 tax year needs to be shared with HMRC, either via forms sent by post or online, if*

  • You’re self-employed and your income was more than £1,000
  • You’re a company director
  • You earned £100,000 or more
  • You had savings or investment income of more than £10,000 before tax
  • You received income from abroad
  • You earned more than £50,000 and claim child benefit
  • You earned £2,500 or more in untaxed income, e.g. renting out a property

*If you have received self-assessment forms from HMRC through the post then you will need to complete and submit them, or complete your tax return online.

Be aware that the deadline for returning a completed paper form was 31st October, 2023 for the 2022-2023 tax year. If you missed that deadline, you now have to complete a return online.

6 Top Tips to help with your self assessment

Our super helping hand bookkeeper, Natasha, helps many individuals to complete their tax return, so she is rather an expert with this task! Here are her six top tips to help you with completing your self assessment tax return.

  1. If you have not filed an online tax return before, you need to register with first. This can take up to 20 days, so make sure you do it in plenty of time before the deadline. This year’s deadline was 5th October, 2023 so if this impacts you, call HMRC immediately to get advice.
  1. Complete your tax return as soon as you can. The deadline is 31st January but you can submit as early as the April before. Don’t leave it to the last minute as there is a penalty if you’re late.
  1. Gather all your documents together to ensure that you have all the information you need to complete your tax return. You’ll need your:
    1. 10-digit Unique Taxpayer Reference (UTR)
    2. National Insurance (NI) number
    3. If you’re employed, your latest P60. 
    4. If you left employment during that tax year, you’ll need your P45 showing how much you earned from that last job.
    5. If you earn benefits and expenses from your employment, you’ll also need your  P11D or P9D.
    6. Also consider income from rental property, dividends and interest.
  1. There are many reliefs and allowances available to taxpayers. Common reliefs include:
    1. Pension contributions
    2. Charitable donations – you’ll need your receipts
    3. Business expenses for self-employed individuals. Check out the website for more information
    4. Trading and rental allowance
  1. Earn over £50,000 and either you or your partner receive child benefit? You may have to pay the High Income Child Benefit Charge. Further information may be found here.
  1. If you’re self-employed and don’t yet know your profit for the year because, for example, your accounting period is different to the tax year, then you should work out what it’s likely to be (known as ‘provisional figures’). Remember to tell HMRC that you’ve used provisional figures when you submit your return.

Deadlines for paying any tax owed

You need to pay the tax you owe by midnight 31 January 2024.

There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).

You’ll usually pay a penalty if you’re late. You can appeal against a penalty if you have a reasonable excuse.

This information is taken from the website, which is packed full of useful guidance.

How you can benefit from the super efficient Hour Hands team!

With willing and able bookkeepers on hand, Hour Hands is always available to complete those tasks that you just don’t have the time or capacity to do yourself. This includes monthly reconciliations and preparing to complete your self assessment tax returns. We’re also here for guidance and ensuring that you have lots of information that helps you run a successful business or home.

To find out more call us on 01727 818262. We will ask how we can support you and offer a solution either on an hourly rate or package cost. The choice is yours – we’re simply here to help.