How to fill in a self-assessment tax return?

A self-assessment tax return is a document that individuals or businesses must fill in and submit to HM Revenue and Customs (HMRC) to declare their income, expenses, and other details that are relevant to their tax situation. Self-assessment tax returns are used to calculate how much tax an individual or business owes or how much tax should be refunded. If you are required to complete a self-assessment tax return, you must do so accurately and on time to avoid any penalties.

Once you have registered for self-assessment, you can begin filling in your tax return. Here is a step-by-step guide to help you complete the form accurately and on time.

Gather your information

Before filling in your tax return, you must gather all the necessary information. This includes:

• Your National Insurance number
• Details of your income, including any employment income, self-employment income, pensions, savings, and investments
• Details of any expenses you can claim tax relief on, such as business expenses or charitable donations
• Details of any benefits you have received, such as Child Benefits or Tax Credits
• Any other relevant information, such as capital gains or losses

Choose your filing method

There are two ways to file your self-assessment tax return: online or by paper. Filing online is the most common method and is also the easiest and quickest way to complete your return. To file online, log in to your HMRC account and follow the prompts.

Filling in a self-assessment tax return can be complicated, so here are some tips to help you along the way:

• Start early: Don’t leave your tax return until the last minute. Give yourself ample time to gather all the necessary information and complete the form accurately.
• Keep accurate records: Keep accurate records of your income, expenses, and other tax-related information. This will make filling in your tax return much more manageable.
• Use the correct forms: Use the correct tax return form for your circumstances. There are different forms for self-employed individuals , company directors, and taxpayers.
• Get help if you need it: If you are unsure about any aspect of your tax return, or need help completing the form, feel free to seek advice from a professional accountant or tax advisor.

Filling in a self-assessment tax return may seem daunting, but it doesn’t have to be. Following the steps outlined in this article and keeping accurate records, you can complete your tax return accurately and on time. Remember, filing your tax return accurately and on time is important to avoid any penalties. If you need help, seek advice from a professional accountant or tax advisor.