It’s all about preparation. Do NOT leave it to the last minute. Miss the 31 January deadline and you automatically get a £100 fine whether you actually owe any tax or not! So let’s get things sorted.
Fearless Financials’ top tips for facing your Self Assessment blues*:
GO RIGHT NOW and check you have a Self Assessment online account AND you can access it. If not you will need an activation code to complete registration or reset passwords. These take around 7 working days or so to receive!
Get confident by working through short videos from HMRC on how to complete your Self Assessment, what expenses are allowable and what records you need to keep. They also run interactive webinars where you can ask question. See here for details.
To avoid getting overwhelmed, break the completion of your return into manageable chunks over a few days. Save as you go and give yourself plenty of time to (a) gather information and (b) calculate your taxable profit (or loss) from self employed activities.
If you are confused by the process, what you can claim or if you have complex tax affairs (property income etc) then speak to an accountant or a tax adviser to help you.
Fearless Financials offers a coaching and review service for creatives to help you face those financial fears.
*This tips are intended as general guidance for individuals and does not constitute accountancy or tax advice.
- Who must send a tax return (HMRC)
- Registering for Self Assessment
- HMRC training, webinars and videos on Self Assessment
- Self Assessment Business Expenses e-learning course
Need help improving your financial records or understanding how to use your numbers to be a successful creative business?
Get in touch.