Exponential Financial Consulting

How to do a Self Employed Tax Return

When you’re self-employed, doing your self-assessment tax return is one of those annoying tasks that you’re lumbered with each year. Although it can seem stressful and a bit overwhelming, we’re here to break down what you need to do to get it completed on time and accurately. Self-assessment tax returns might never be fun, but we can try and make them a bit less stressful for you!

What is a tax return?

A tax return is a document that is submitted in paper, or more commonly nowadays, online to HMRC every year showing details of income and certain costs. From these figures, the tax return shows a calculation of how much tax is due, and so what you’ll need to pay over to HMRC as tax on your self-employment and other income.

A tax return isn’t just for individuals – it might either be for an individual (in which case it might also be called a personal tax return, an income tax return or a Self Assessment tax return) or it might be for an organisation, such as a partnership (partnership tax return) or a company (Corporation Tax Return). For the purposes on this article though, we’re only going to be talking about personal tax returns – company tax returns are a whole other kettle of fish!

All personal tax returns have the main section which contains common types of income such as bank interest or dividends received, and common tax reliefs such as donations to charities. Other types of income, such as profits from self-employment or salary from a job.

The main deadline for paying tax from your self-assessment tax return is 31 January each year. If you need to make payments on account then they fall on 31 July and 31 January annually.

You can pay your tax through the HMRC site directly.

Should you do your own self-assessment tax return?

When you are self-employed, you’re a busy person. Not only are you having to navigate the usual challenges of life just like everyone else, but you are also navigating the considerable challenges of being self-employed – no mean feat!

Perhaps you love doing finance and admin, in which case you may actually be excited about doing your self-assessment tax return. But if not, then the job of self-employment should be your priority, leave handling your self-employed tax and national insurance to a professional.

If you think about the amount of time it will take you to do your self-employed tax return, figure out your tax bill and make time to submit all of that to HMRC, you’ll likely find that you could have earned significantly more than that being self-employed in the same time. Not to mention saving yourself a load of stress and hassle too.

So our verdict is – unless you absolutely love it, get an accountant to do your self-assessment tax returns.You’ll never fret about 31 January deadlines again.

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Don’t share your HMRC login details with anyone, including your tax agent. Treat them with the same amount of care as your bank details. For more advice on how to stay safe online, visit Cyber Aware 💻 https://www.ncsc.gov.uk/cyberaware/home?utm_source=facebook&utm_medium=post&utm_campaign=secure&utm_id=secure

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If you’re a contractor, you might be employed through an ‘umbrella company’. Some umbrella companies try to break tax rules, so you could be at risk. Learn more here https://taxavoidanceexplained.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social_&utm_campaign=tax_avoidance_phase_2&utm_content=homepage

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We’re always detecting new tax scams. Beware of fraudsters offering refunds or tax rebates in the run up to the 31 January Self Assessment deadline. Find out how to report suspicious texts, emails or calls on:

https://www.gov.uk/report-suspicious-emails-websites-phishing/report-hmrc-phishing-emails-texts-and-phone-call-scams?&utm_source=f.co_hmrcgovuk&utm_medium=social_&utm_campaign=self_assessment&utm_content=scams

If you’re married or in a civil partnership, you could be missing out on up to £252 in tax relief every year. Make sure you're claiming all of the benefits and tax reliefs you're eligible for - check the government's Help for Households website https://helpforhouseholds.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=marriage_allowance&utm_content=9653

If you have to complete a tax return this year, remember to register for Self Assessment by 5 October. Register here 👉 https://www.gov.uk/register-for-self-assessment?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=self_assessment

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