Here’s how a professional service firm & small business owner, like many of you who may be preparing for your next tax return can manage your tax efficiently. Each year approximately 12 million individuals in the UK are served with a self-assessment tax return and although it may be an annual chore for many, for many others it is the first time they have been faced with it. It is however important to point out that the people who for instance need to submit self-assessment forms are not necessarily self-employed. But, the process becomes even more cumbersome for the self-employed persons as they are generally pressed for time for any bookkeeping exercise, updating themselves with the existing tax laws and making sure that their tax return is filed in the right way as well as at the right time.
The purpose of a self-assessment is to report your earnings as well as any deductions to HMRC so they can calculate your tax liability and issue you with a tax bill. Penalties for non-compliance, whether through errors and inaccuracies, filing late, or both, can be costly and should be avoided.
If you’re struggling with your self-assessment tax return and need help, HMRC offers various resources such as webinars and videos. You can also contact an HMRC advisor through online chat, through social media, by submitting an enquiry through the HMRC site or by calling their helpline.
But understandably if you approach HMRC for help you’ll still have to complete and file the tax return yourself and as the submission deadline gets close, they can be extremely busy and you might have a lengthy wait for a response.
Why Might The Self-Employed Need Tax Return Help?
Being self-employed comes with plenty of perks, but there’s a downside: unlike employees on PAYE, your taxes aren’t automatically deducted. That means it’s up to you to manage your own tax responsibilities.
Here’s a look at some of the key challenges self-employed people face when it comes to staying on top of their taxes.
Making Sense of the Tax Regulations
Tax regulations can be complicated, and for most people. The terminology and how it applies to your tax return can be tricky to navigate. Finding the time to research and fully understand them isn’t always practical.
On top of that, tax laws frequently change, and keeping up with those changes can be tough. Missing an update or misinterpreting the rules can easily lead to non-compliance, and that could mean facing penalties.
Keeping Accurate and Organized Records
If you’re self-employed, you need to keep track of all your income and expenses throughout the year. This includes maintaining records like receipts, invoices, and bank statements, which are essential for filing your self-assessment and calculating what you owe.
Staying on top of this can be a lot of work, and it’s easy to fall behind. But it’s important to keep everything accurate and organized, as any mistakes in your records will affect the accuracy of your tax return.
Claiming all Allowable Expenses
As a self-employed person, you’re allowed to claim certain expenses that are directly related to running your business. These are tax-deductible, meaning they help reduce your taxable income and, ultimately, your tax bill—while keeping you compliant with HMRC.
However, knowing which expenses you can claim isn’t always straightforward. This confusion can lead to either paying more tax than you should or mistakenly claiming something that’s not allowed, which can attract unwanted attention from HMRC.
Filing Your Tax Return
Most people file their self-assessment tax return online, which is generally easier than doing it on paper. But that doesn’t mean it’s a breeze—there’s still a lot of information to input correctly on HMRC’s portal, and you need to make sure everything is accurate before you hit submit. Your return is only as good as the records you’ve kept throughout the year.
Filing on paper increases the chance of making mistakes, which is why most prefer to file online. Plus, paper forms take longer to complete and process.
Staying on Top of Deadlines
There are a few key deadlines for the self-assessment process—registering, filing, and paying your tax bill. When you’re managing a business and juggling client work. It can be easy to let these dates slip through the cracks.
Missing a deadline typically leads to fines. But even cutting it close could leave you in a rush to get everything done in time.
Using an Accountant for a One-Off Tax Return Service
A lot of self-employed people turn to professional help for their tax returns, and that’s where we come in. We offer a straightforward, fixed-fee self-assessment service that takes all the stress off your hands. We handle everything—from reviewing your financial records to preparing and filing your return with HMRC.
Here’s why using an accountant for a one-off self-assessment is a smart move:
Stay Compliant
We’ll make sure your return is accurate, submitted on time, and that you’re fully compliant with all your tax obligations, so you can avoid any fines.
Maximize Your Deductions
We’ll help you claim every allowable expense, lowering your tax bill and putting more money in your pocket.
Take the Pressure Off
It’s not just about filing your return—it’s about peace of mind. Let us handle the paperwork while you focus on what matters most: your business.
Save Time
Completing a tax return is time-consuming. Let us take care of it so you can concentrate on running and growing your business.
Account Ease handle the entire process for you, wherever you are in the UK. All we need are your financial records. Our self-assessment service starts at £30. Just fill out our personal tax questionnaire to get started.
