• Gather Your Information Before you start, ensure you have the following:
  • Your Unique Taxpayer Reference (UTR)
  • National Insurance number.
  • P60 and/or P45 forms (if applicable).
  • Details of all income, including PAYE, dividends, and rental income.
  • Records of allowable expenses, such as office costs, travel, and professional fees.
  • Bank interest statements or investment income details.
• Log into HMRC’s Online Services
  • Visit HMRC’s website and log in using your Government Gateway ID.
  • Navigate to the Self-Assessment section and start your return.
• Complete the Relevant Sections Depending on your sources of income, you may need to fill out additional pages, such as for self-employment or rental income. Double-check that all figures are accurate and match your records.
• Claim Allowable Expenses Ensure you deduct any eligible expenses. These could include:
  • Office costs (stationery, software, etc.).
  • Travel expenses (fuel, parking, public transport).
  • Costs of running your home office (if applicable).
• Check and Submit Before submitting, review your entries thoroughly. Once satisfied, submit your return and save a copy for your records.

• Missing the deadline: Late submissions can result in a £100 penalty, increasing over time.
• Inaccurate figures: Errors can lead to fines or further HMRC investigations.
• Forgetting to claim expenses: This can result in paying more tax than necessary.
• Ignoring payments on account: If your tax liability exceeds £1,000, you may need to make advance payments for the following year.

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Once submitted, HMRC will calculate your tax liability. If you owe tax, you’ll need to pay it by 31st January. You may also need to make a payment on account for the next tax year.

• Paying off credit card debt faster by reallocating spending.
• Saving for a deposit on your first home by cutting back on non-essentials.
• Building an emergency fund to protect against unexpected costs like car repairs or job loss.

If you’re unsure about any part of the process, our regulated accountants are here to help. Whether it’s understanding allowable expenses, completing your return, or planning for next year’s taxes, we’ve got you covered.