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Don’t Succumb to the Stress of the Self Assessment Tax Return!

The deadline for submitting your Self Assessment Tax Return for the tax year to 5th April 2022 isn’t until 31st January 2023, however you should not procrastinate! Save yourself the hassle and start to prepare now!

Here are some tips to help things run smoothly:

1. Make sure you’re registered for Self Assessment

If you haven’t already done so, do it now! It can take a while to get everything you need from HMRC.

When you register you will receive a unique UTR number (10 digits). Keep this safe as you will need it for any correspondence with HMRC.

You will also get a 12 digit Government Gateway ID which you will need to login to your HMRC online account.

2. Keep your accounts up to date

You should make sure your accounts are in order (I can help with that!) to avoid a last minute panic before the deadline.

3. Get your paperwork together

In some cases this can take some time so try to keep things organised. Depending on your situation you may need a P60, P45, P11D or proof of all self employment income.

If you’re a shareholder of a limited company you will also need proof of any dividends received during the tax year.

4. Have a look at HMRC Self Assessment guides

There is a wealth of information on the HMRC website to help you get to grips with processes and tax return related jargon.

It can be a daunting path to go down so if you need any assistance, feel free to get in touch with me to see how I can help.

Thanks for reading!

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