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Self Assessment Tax Return Checklist

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by Startacus Admin

Completing a self-assessment tax return can be tedious at best for freelancers and entrepreneurs. With the deadline of 31st January quickly approaching, it’s time to start preparing to complete your return. Alexander & Co have put together this handy guide to make your tax return as quick and stress-free as possible. Read on to find out more.

self assessment 

Do you actually need to complete a self-assessment tax return?

It’s often a little unclear as to whether you actually need to complete a self-assessment tax return, depending on what work you’ve done and when. If you’ve been self employed for the full tax year, you’ll need to submit a return. If you’ve been self-employed for part of the tax year, but you’ve moved into PAYE employment, you’ll still have to submit your return before the 31st January. For a definitive answer based on your circumstances, head over to the government’s self-assessment tax checker.

Make sure you’ve got these to hand…

When doing your tax return, it can feel like you need every scrap of paper in the world. Spend some time gathering all the things you need before sitting down to complete your self-assessment tax return. You’ll need any P45’s or P60’s from the last year, your UTR number, along with student loan details, bank statements and any receipts or expenses for business purchases.

What you need to prepare

It’s worth doing some calculations before you complete your self-assessment tax return. Make sure to work out your income for the tax year, whether from self employment, PAYE or other means. Total up your business expenses and any bank interest you’ve received too, ready to complete your return.

Completing your self-assessment tax return doesn’t have to be a long and stressful process. With a little preparation, you’ll be able to get it out of the way in no time at all. Make sure to refer back to our checklist to ensure you have everything you need.

 

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Published on: 22nd November 2017

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