Though the time for submitting self-assessment tax return has already gone by, it is always best for you to know some useful ways for completing it. Because it will definitely help you next time for sure.

When you are a self-employed, completing self-assessment tax return each tax year is mandatory. Even though it can be a daunting task, avoiding it can result in penalties. That’s why completing it should always be one of your top priorities.

Collect your paperwork

Before you begin filing your tax return, it is best to gather all the information. The information includes P60/P45 and P11D forms from your employment, income and expenses from your self-employment, interest from your bank accounts, child tax benefits, pension contributions, dividends, gifts/donations and professional fees. When you have all these details, you be able to deduct the expenses that can be claimed and complete your tax return easily. Hence, it is very important to record all the paperwork accurately.

Don’t leave things till the last minute

When you tend to do things in the last minute, you rush and tend to make mistakes. In case of submitting self-assessment tax return, even a simple mistake can incur you penalties ranging from minor to major ones. Therefore, take your time from the beginning and try to file, complete and submit correctly on time.

Recheck and submit correctly

There is nothing wrong in rechecking your tax return many times before submitting. Because this helps to ensure you have included everything from costs to expenses correctly. So, remember to take your time out from your schedule to thoroughly check all the details.

Take help from an accountant

If you are unsure about your complete tax returns, don’t do it and risk yourself. Instead, hire an expert accountant and let him/her do the work. This way, you will not have to worry about filing, completing and submitting your tax returns.