Self-Assessment is a system HM Revenue & Customs (HMRC) uses to collect Income Tax in the United Kingdom. You submit it to HM Revenue and Customs, which you can do web or through the mail. If you're doing it online, start by registering yourself for an online self-assessment. Next, you'll need to fill in the various sections about your income, benefits, and tax relief.

1. Valuable Advice: How to Complete
Your Self-Assessment Tax Returns
Self-Assessment is a system HM Revenue & Customs (HMRC) uses to collect Income Tax in the
United Kingdom. You submit it to HM Revenue and Customs, which you can do web or through the
mail. If you're doing it online, start by registering yourself for an online self-assessment. Next, you'll
need to fill in the various sections about your income, benefits, and tax relief. You likewise may have
to fill in beneficial structures before you present the entire thing and get your assessment bill.
You must submit a Self-Assessment tax return if between any 06 April and 05 April the
following year you were:
• Self employed as a ‘sole trader’ and earned more than £1,000
• A partner in a business partnership
There are other reasons why you may need to submit a self-assessment, for example:
• If you have received over £10,000 from dividends in the tax year
• If you are employed via PAYE but you have earned over £100,000 of taxable income
in the year
You can check if you need to submit a Self-Assessment tax return on the HMRC online.
However, in this guide we will focus on how to complete your tax return for sole traders and
being self-employed.

2. Important tips for completing your Self-Assessment
Do your research so you don’t miss out
Before starting your Self-Assessment, do some research to find ways to save time and pay the
right amount of tax.
HMRC’s website is a good place to start. It has plenty of support for Self-Assessment tax
returns, including videos, webinars, toolkits and how-to guides.
You might be asked some security inquiries, so make sure your details are up to date in your
personal tax account.
Claim your rightful tax allowances and reliefs
Taxpayers can claim several tax allowances and reliefs. HMRC has a detailed list of expenses
that can be claimed, as well as Income Tax reliefs and personal allowances.
You should do some research or seek professional advice to make sure you’re claiming
everything you’re entitled to and don’t end up overpaying Income Tax.
Consider using simplified expenses
"Simplified expenses" is an HMRC-approved way of claiming business expenses using flat
rates rather than actual costs, which can help save you money and cut back the time you
spend filing your Self-Assessment.
However, not everyone can use simplified expenses, as they can only be used by sole traders
and business partnerships for costs related to vehicles, working from home and living on your
business premises. And if you are eligible, you should use HMRC’s simplified expenses
checker to make sure you won’t end up paying more tax by using this method.
Have all the right information to hand
When you complete your Self-Assessment tax return, you’ll need your Unique Taxpayer
Reference (UTR), your National Insurance number, records of earnings from all taxable
sources, details of expenses and your P60 if you’re also employed and get paid via PAYE.
It’s important to have access to all the relevant information when you begin completing your
Self-Assessment tax return, as having to go and find hard-copy invoices, bank statements and
receipts will make the process take much longer.
And once you’ve submitted your return, you should keep all your records stored safely for at
least six years in case HMRC audits your submission.
Give yourself enough time
People often rush because they don’t give themselves enough time to complete their Self-
Assessment tax return. But the more you rush, the more likely you are to make mistakes.

3. More serious errors can lead to a penalty if HMRC believes they’re the result of you being
careless.
Leave plenty of time to complete the return thoroughly, paying due care and attention when
entering data and ticking boxes. Once you’ve entered all your data into your Self-Assessment
tax return, double-check before submitting it to HMRC.
File your Self-Assessment return early
Why put off completing and filing your Self-Assessment? You don’t have to wait for the
deadline. In fact, you can complete your return for the previous period from the day the new
tax year begins.
There are several advantages to doing this. Firstly, you’ll know it’s out of the way and will be
able to focus on the parts of your business that you enjoy most. Secondly, it can help you
manage your financial planning by finding out how much you owe sooner. Finally, if you’re
owed a refund, you’ll get it earlier.
Use third-party Self-Assessment software
Given that the process of completing and returning your tax return can be quite complicated,
it’s worth remembering you can always use third-party Self-Assessment software that makes
completing and filing your tax return quicker and easier, while reducing the likelihood of
mistakes.
Call us on 020-8239-4999 We will be happy to assist you in filing your tax return to HMRC.