Filing a tax return can feel overwhelming, especially if you are self-employed or managing your own business; however, with a little preparation and some simple steps, the process doesn’t have to be stressful.
Keep your records organised
Good record-keeping is one of the best ways to make tax season less stressful. By tracking your income and expenses throughout the year, either manually or with accounting software, you will avoid a last-minute scramble.
Know what you can claim
Understanding which expenses are allowable can help reduce your tax bill. These might include travel costs, office supplies, or even part of your household bills if you work from home. Always keep proof of these expenses and check HMRC guidance or speak to qualified Cheltenham accountants, such as www.randall-payne.co.uk/services/accountancy/cheltenham-accountants, if you are unsure what is claimable.
Don’t leave registration too late
If you are new to self-assessment, you will need to register with HMRC before you can file. The process can take time, as you will be sent a unique taxpayer reference, or UTR, by post, along with your login details for online services. Make sure you register early to avoid any delays or last-minute stress. GOV.UK has an overview of self-assessment returns and how to file them.
Consider obtaining professional help
Hiring an accountant or tax adviser isn’t just about convenience; in addition, they can help you avoid errors and claim tax reliefs you might not know about.
With the right habits and a little forward thinking, filing your tax return can be far easier to manage.
