Being ready for your self-assessment tax return

The official self-assessment tax return deadline for the 2020/2021 tax year may have been and gone, but leaving your accounts to chance and your next tax return submission to the last minute certainly isn’t recommended.

Managing your own accounts and meeting the many deadlines set by HM Revenue & Customs (HMRC) isn’t easy. Many self-employed professionals, sole traders and business partners struggle to keep accurate records and submit returns on time, but you don’t have to.

Being prepared long before the next self-assessment tax return deadline is the key to managing your accounts like a pro. Here we share our top tips for doing just that so you never have to panic about impending self-assessment deadlines again!

Start your prep early

Being proactive when it comes to account management is the secret to success, so don’t leave anything until the last minute. Dedicate time every week or month to organising necessary paperwork, filing receipts and staying on top of your figures.

By breaking down account management into a series of regular, more manageable tasks you can make the self-assessment process quicker, less stressful and relatively uncomplicated when the time comes to file your return.

File as soon as the tax year ends

In the spirit of being proactive, filing as soon as the tax year ends is a great way to get ahead of the pack. By filing early, you won’t be hit by the panic we all experience when submitting returns at the very last minute.

You’ll also have time to prepare for the payment of any tax or National Insurance liabilities. By using your latest earnings as a guide, you can define a more succinct strategy for your wider business operations too.

Let Look4 Accountants help

You don’t have to tackle self-assessment alone. Thanks to our handy search tool, you can find a local, qualified accountant to assist with self-assessment, whatever stage you are at with accounts management.

With the help of our accounting professionals, you can keep accurate records to make the entire process as smooth and easy as possible. Our accountants can also help you access the reliefs and allowances you are entitled to as a self-employed professional.

Still not filed your return for 2020/21?

HMRC recently announced that it has extended its deadline for online tax returns from 31^st January 2022 to 28^th February 2022. Any tax owed can now be paid by 1^st April 2022 without incurring a late filing penalty.

Whether you’re looking for help with an overdue self-assessment return or want to prep for the next deadline, our accountants can help. Find a local accountant today!