Expert tips for filing your first self-assessment tax return – and how to do better next year
Share:
The 31 January deadline is fast approaching. There is now just one week to go before the 31 January deadline for filing a self-assessment tax return, leaving some short of time for getting details and paperwork together and get their tax bills paid - particularly for those doing a return for the first time.
While it is undoubtedly a time-consuming task if you have several sections to complete, it’s also a useful exercise for getting a clearer picture of where your finances really are - particularly for sole traders or freelancers. Many other individuals or businesses may need to file a return too - here’s how to check if that’s you.
As well as filing your return by the deadline, you must also pay your outstanding tax bill by then, so getting organised and completing your return rather than leaving it until the last moment is a must - particularly if you expect to need time to pay the bill afterwards. Here are some top tips from experts in the field of finance to help you wrap it up first time around - or perhaps to improve your efficiency in doing it next year.
It seems obvious, but the biggest tip and most important aspect is to file your return on time; paying tax is never going to be a huge positive, but it certainly doesn’t make sense to add a fine on top of it to what you need to pay. More than a third (35 per cent) of businesses file their return in January, says data from FreeAgent, with 12 per cent acknowledging they had previously filed after the deadline.
