The UK Self-Assessment tax return deadline (31 January) catches many by surprise. Here’s how to prepare.
Step 1: Register for Self-Assessment
- Register with HMRC by 5 October (if you’re newly self-employed).
Step 2: Gather Your Records
- Income (invoices, sales records).
- Expenses (receipts, bank statements).
- P60 or P11D if you’re also employed.
Step 3: Calculate Taxable Profit
- Deduct allowable expenses from income.
- Include other income (rent, dividends, etc.).
Step 4: Submit Your Return Early
- Avoid last-minute stress (deadline: 31 January).
- Pay any tax owed by the deadline to avoid penalties.
Pro Tip: Use accounting software or hire an accountant to simplify the process.
Being organised and starting early makes Self-Assessment much easier.