How to Prepare a Self-Assessment Tax Return
Self-assessment tax returns are an important part of filing taxes in the UK. They are used to declare any income you have received over the course of the year, as well as any tax you may owe. Preparing a self-assessment tax return can seem daunting, but it doesn’t have to be. Here is a step-by-step guide on how to prepare a self assessment tax return.
Gather Your Documents
The first step in preparing your self assessment tax return is to gather all of your documents. This includes any income statements, such as payslips or bank statements, and any other documents that may be relevant to your taxes. It is important to make sure that all of these documents are up-to-date and accurate before you begin preparing your return.
Register for Self Assessment
Once you have gathered all of your documents, the next step is to register for self assessment with HMRC (HM Revenue & Customs). This can be done online or by post and will require some basic information about yourself, such as your name and address. Once you have registered, HMRC will send you a Unique Taxpayer Reference (UTR) number which will be used when filing your return.
Complete Your Return
Once you have registered for self assessment and received your UTR number, it’s time to complete your return. You can do this either online or by post using the forms provided by HMRC. When completing your return, make sure that all of the information is accurate and up-to-date. If there are any discrepancies between what is on the form and what is on your documents, make sure that these are corrected before submitting the form.
Submit Your Return
Once you have completed your return, it’s time to submit it! You can do this either online or by post using the forms provided by HMRC. Make sure that all of the information is correct before submitting it as mistakes can lead to delays in processing or even fines from HMRC! Once you have submitted your return, HMRC will process it and let you know if there are any changes that need to be made or if there are any taxes owed.
Conclusion
Preparing a self assessment tax return doesn’t have to be difficult or intimidating! By following these steps – gathering documents, registering for self assessment with HMRC, completing the form accurately and submitting it – you should be able to easily prepare a successful self assessment tax return each year!
If of course, you want someone else to deal with all the hassle. Then get in touch and we will be happy to help.
Stewart accounting are experts in filing personal tax returns for self assessment and we have filed thousands of tax returns over the years.