Every year, you are required to fill out a tax self assessment form with details of your income and assets. This form is used by the government to figure out how much tax you owe, or whether you have paid too much tax and are due a refund.
It is important that you fill out the tax self assessment form accurately and that you do so on time, because if you miss the deadline then you could face significant fines.
A lot of people are nervous about filling out their self assessment forms because they do not want to make mistakes, or because they do not understand all of the questions on the form. This concern is was to understand, but in truth if you plan ahead you should have no issues with filing your return. For the average person, even someone who runs a small business, self assessment is simple as long as you kept accurate records of your income and outgoings throughout the year. It I only when you have high value depreciating assets or a lot of investmentsssesment that things start to get complicated and it becomes vital that you seek advice from a qualified accountant.
If you are unsure whether your books are accurate, then talking to someone is a trained bookkeeper could be beneficial. Bookkeepers know enough about double entry and cash basis accounts to help you to figure out your accounts, and they will usually be willing to give you tips to improve your record keeping while they are working on your books for this year.
You can file your accounts online, or on paper. If you file on paper, make sure you post the forms off as early as possible so that they are received and processed on time. If you plan to file online, then try not to leave it until the last minute. While the government’s websites are quite robust, the rush of traffic that comes in on the last couple of days leading up to the tax return deadlines can often bring the website to a halt. Rather than risking missing deadline because of problems with the website, it makes much more sense to do the filing a few weeks after the accounting period ends and before everyone else in your area is calling accountants to get a last minute appointment booked with them.