Top tips for your Self Assessment from HMRC
By Guest Writer | 13 January 2023 | Business, Feature
The team at HMRC serves up advice for nail techs to help complete your Self Assessment…
Whether you are new to Self Assessment or have been completing your tax return for many years, preparing your paperwork now can help avoid the unnecessary stress of leaving it until the last minute and will prevent you making mistakes or forgetting to include your allowances.
If you’re self-employed and have earned more than £1,000 between 6 April 2021 and 5 April 2022, you will need to file your online tax return by 31 January 2023.
If you’re new to Self Assessment, you must ensure you leave enough time to register for Self Assessment first via Gov.UK in order to receive your Unique Taxpayer Reference (UTR) and activate your account. Self-employed individuals must also register for Class 2 National Insurance.
By registering early, you’ll be able to access guidance to help you to understand your tax obligations such as record keeping, filing and payments deadlines, and the potential for a first tax payment to include a payment on account.
Filing early means you know what tax you owe. The sooner you file, the more time you have to plan and budget for the tax you need to pay. And it doesn’t mean you have to pay your tax any earlier, you still have until the deadline on 31 January 2023 to pay your tax.
For those worried about paying their tax bill, make sure you access the support and advice that’s available to you as we may be able to help by arranging an affordable payment plan. Visit Gov.uk and search ‘time to pay’.
So, start preparing for your Self Assessment now and leave yourself enough time to get the relevant documents together. Check your information is correct and set aside time to enter your details. The easiest way to file your tax return is online. You can do it at a time that suits you and it doesn’t even have to be completed all in one sitting. You can work around your busy schedule and your business by saving your progress in stages and coming back to it again and again.
To find out more, visit Self Assessment at Gov.uk