Questions and Answers
I am completing my first self-assessment tax return - where do I start?
Filing your tax return for the first time can be scary. The risk of getting it wrong, exposure to tax investigations and not knowing where to start can be overwhelming.
By Catherine Heinen, FCCAThat’s where TaxAssist Accountants come in, as your local tax experts we are here to help you. With experienced accountants in a location near you we can offer you support and guidance to get your self-assessment tax return filed on time and correct.
Our services are tailored to you so you can be sure that our fees are determined based on the complexity of your tax return. Just come in for a no-obligation and free initial meeting and we can discuss your individual circumstance, or we can meet online.
Read our comprehensive guide to filing your first tax return for more information.
When it comes to filing your tax return, it helps if you’re organised, here are some tips to make the tax return process smoother:
- Keep good records – whether you’re keeping paper or electronic records, keeping these organised and making sure you keep all documentation means your tax return will be easier to prepare
- Separate bank account – having a separate bank account for your business helps you to keep business transactions separate from your personal transactions and means you are more likely to include everything in your tax return correctly.
- Ask for help – accountants have seen it all when it comes to tax returns, don’t worry and don’t be afraid to ask for help – that is literally our job!
- Get ahead – don’t wait until January to start looking at your tax return, the sooner the better. By starting your tax return sooner, you’ll have more time to make sure it’s correct and seek any advice or help if you need it. Read our guide for more benefits to filing your tax return early.
How TaxAssist Accountants can help
We can help file your tax return and ensure your tax return is correct and submitted on time. TaxAssist Accountants will take any worries away by completing your tax return and calculating your tax liability for you. Call us on 01732 221 960 or use our online contact form.
Frequently Asked Questions
If you make a mistake on your self-assessment tax return, you should speak to your accountant and you may want to discuss it with HMRC to determine whether you need to amend your tax return.
If you do need to amend your tax return, and it is within 12 months of the self-assessment deadline you can change your tax return online. If you need to amend a tax return and this deadline has passed you must write to HMRC setting out the changes and implication to your tax liability.
If you miss the tax return deadline there are a number of consequences. You will be charged interest and a late filing surcharge.
Filing late can increase the likelihood that you will be chosen to be audited by Revenue and uou could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes. If you have missed the deadline the most important thing is to get the return filed as soon as possible.
If you make any money outside of your normal PAYE income from your job then you need to file a self-assessment tax return each year. The form you need to file is called a Form 11.
Some common reasons you may need to file a tax return include; you are self-employed, work freelance or as a contractor, you are a landlord or make money using Airbnb, you are the director of a company, you own shares, you have sold a personal asset or sold all or part of your business, you have inherited money, you make some extra cash doing nixers.
Generally, if you earn at least £1,000 of trading income you should consider if you need to file a tax return. This will depend on what other income you are receiving and speaking to an accountant, or using HMRC’s online checker will help you determine if you need to file a tax return.
Date published 21 Oct 2024 | Last updated 21 Oct 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
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