{"id":7064,"date":"2023-10-19T12:00:00","date_gmt":"2023-10-19T11:00:00","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=7064"},"modified":"2026-01-29T09:24:41","modified_gmt":"2026-01-29T09:24:41","slug":"self-assessment-tax-return-file-tips","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/self-assessment-tax-return-file-tips\/","title":{"rendered":"7 top tips for filing your Self Assessment tax return"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\t7 top tips for filing your Self Assessment tax return\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

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\n\t\t\t\n\t\t\t\t\"Susie\t\t\t\tSusie Carter<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Running your own business and being your own boss is a fantastic route to go down.<\/p>\n\n\n\n

But one task you might need to manage is submitting a tax return.<\/p>\n\n\n\n

Filing taxes when self-employed can feel daunting and confusing, and you need to know the facts around Self Assessment before you start.<\/p>\n\n\n\n

Self Assessment is a system that HMRC uses to collect information needed to calculate how much income tax you should pay. And if you\u2019re running a small business<\/a> instead of getting a traditional salary, you need to work out how much you owe.<\/p>\n\n\n\n

In this article, we share seven top tips to help you complete your Self Assessment tax return.<\/p>\n\n\n\n

We\u2019ve pulled together advice from HMRC<\/a> and Shaw Gibbs\u2014<\/a>a top 100 accountancy and financial planning practice with offices in Oxford and London.<\/p>\n\n\n\n

And there\u2019s a bonus tip from one of our Sage Business Experts<\/a>, too.<\/p>\n\n\n\n

Here\u2019s what we cover:<\/p>\n\n\n\n

1. Get your house in order<\/a><\/p>\n\n\n\n

2. Be clear on the expenses you can claim back<\/a><\/p>\n\n\n\n

3. Don\u2019t be afraid to ask for help<\/a><\/p>\n\n\n\n

4. Register for Self Assessment<\/a><\/p>\n\n\n\n

5. Have a clear plan<\/a><\/p>\n\n\n\n

6. Filling in your form<\/a><\/p>\n\n\n\n

7. Get ahead of the game<\/a><\/p>\n\n\n\n

Bonus tip: Don\u2019t leave it to the last minute<\/a><\/p>\n\n\n\n

Final thoughts on filing in your tax return<\/a><\/p>\n\n\n\n

\n\tGet answers to questions you may have on Self Assessment and tax returns in this free guide<\/a>\n<\/div>\n\n\n\n\n

1. Get your house in order<\/h2>\n\n\n\n

Completing a Self Assessment tax return<\/a> is much easier if you\u2019ve kept good records.<\/p>\n\n\n\n

Use a separate business bank account, as well as accounting software<\/a> to track your income and expenses throughout the year rather than leaving it all to the last minute.<\/p>\n\n\n\n

Keep good records<\/a> (such as bank statements or receipts) to fill in your tax return correctly.<\/p>\n\n\n\n

2. Be clear on the expenses you can claim back<\/h2>\n\n\n\n

When submitting a tax return, the more legitimate allowable expenses<\/a> you can claim, with accompanying evidence, the less tax you will pay because you can offset costs against profit.<\/p>\n\n\n\n

It\u2019s worth getting advice from an accountant<\/a> or a tax adviser on any big purchases such as cars and vans.<\/p>\n\n\n\n

3. Don\u2019t be afraid to ask for help<\/h2>\n\n\n\n

Getting Self Assessment tax return advice early can make a huge difference to your business. Accountants often \u2018pay for themselves\u2019\u2014highlighting tax efficiencies can be worth more than the cost of their services.<\/p>\n\n\n\n

Good accountants will spot potential mistakes, reducing the risk of you having to face an audit by HMRC, and possible penalties for getting your tax return wrong.<\/p>\n\n\n\n

According to Shaw Gibbs, if you consider getting help, it\u2019s worth appointing an adviser early to easily file your Self Assessment tax return on time.<\/p>\n\n\n\n

Most businesses complete and submit their tax returns during the same period (typically in December and January). If you leave it late, you might struggle to find an accountant who can support you.<\/p>\n\n\n\n

It\u2019s also worth checking out free forms and help sheets<\/a>, webinars and other resources<\/a> on the HMRC website.<\/p>\n\n\n\n

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Let your business thrive with an expert on your side<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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<\/p>\n

Explore the Sage Accountant and Bookkeeper directory to find an expert suited to your location, industry, and business needs. Connecting with a powerful partner is just a few clicks away.<\/p>\n

<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tFind an expert<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Managing\t\t\t<\/div>\n<\/div>\n\n\n\n

4. Register for Self Assessment<\/h2>\n\n\n\n

Before filing taxes as a self-employed person, you\u2019ll need to register with HMRC as either self-employed<\/a>, not self-employed<\/a>, or as a partner or partnership<\/a>. The process varies according to your status.<\/p>\n\n\n\n

Make sure you leave up to 20 working days for HMRC to process your application and give yourself plenty of time before the deadline to complete your return.<\/p>\n\n\n\n

Once you register, you\u2019ll be sent a Unique Taxpayer Reference (UTR), which you will need when you file your return.<\/p>\n\n\n\n

You can choose whether to file your Self Assessment tax return by post or online\u2014the latter allows you to save drafts, review returns and print tax calculations.<\/p>\n\n\n\n

If completing your tax return online, you\u2019ll need to register for online services<\/a> first. HMRC will send you an activation code. Allow up to a week for this to arrive.<\/p>\n\n\n\n

You\u2019ll need to input the UTR, activation code and your postcode in the Government Gateway or GOV.UK Verify<\/a>.<\/p>\n\n\n\n

Once you\u2019re registered to use the system, you\u2019ll need all your tax records, dividend vouchers, receipts, and other information to complete the online form.<\/p>\n\n\n\n

You can save your progress at any time and return to complete the form later.<\/p>\n\n\n\n

\n\tGet answers to questions you may have on Self Assessment and tax returns in this free guide<\/a>\n<\/div>\n\n\n\n\n

5. Have a clear plan<\/h2>\n\n\n\n

What\u2019s the best way to do tax return planning? Avoid filing a tax return under pressure.<\/p>\n\n\n\n

The deadline<\/a> for paper returns is 31 October 2023. Online tax returns need to be completed by midnight on 31 January 2024. And tax must be paid by midnight on 31 January 2024 for the previous tax year ending 5 April.<\/p>\n\n\n\n

Make sure you allow enough time to complete and submit your Self Assessment tax return so you can avoid late filing penalties.<\/p>\n\n\n\n

You\u2019ll get a penalty of \u00a3100 if your tax return is up to three months late. And you\u2019ll have to pay more if it\u2019s later than that, or if you pay your tax bill<\/a> late. HMRC will also charge interest on late payments.<\/p>\n\n\n\n

No one needs that.<\/p>\n\n\n\n

6. Filling in your form<\/h2>\n\n\n\n

Many of the questions in the Self Assessment tax return form are similar. If it\u2019s the first time you\u2019re submitting one, it may be worth reading through everything first before you start to fill it in.<\/p>\n\n\n\n

That way, you can see what information goes in each section and complete the task more quickly.<\/p>\n\n\n\n

When working online, tax calculators will work out how much you owe. The amount will depend on your income tax<\/a> bands. For some people, the tax will be deducted automatically from wages and pensions.<\/p>\n\n\n\n

If you have additional income, such as a second property that you rent out, you\u2019ll need to fill in an extra section.<\/p>\n\n\n\n

There\u2019s also a different rate for Capital Gains Tax<\/a> if you need to pay it\u2014if you sell shares or a second home, for example.<\/p>\n\n\n\n

When you\u2019re ready to submit, just go through it again to check your self-employed tax return details are correct.<\/p>\n\n\n\n

7. Get ahead of the game<\/h2>\n\n\n\n

According to Shaw Gibbs, if you need to send a Self Assessment tax return, it\u2019s worth submitting it as soon as possible after 6 April in any tax year so you can plan your finances for the year around any tax liabilities or refunds.<\/p>\n\n\n\n

The easiest way to do tax return accounting is through an accountant or through software automation services<\/a>.<\/p>\n\n\n\n

Robert Shadbolt, a personal tax adviser with Shaw Gibbs, says: \u201cThere are a lot of tax allowances that go unclaimed every year.<\/p>\n\n\n\n

\u201cA tax adviser knows what these are and can help you to be more tax-efficient\u2014for example, suggesting you use the Trading Allowance<\/a>.<\/p>\n\n\n\n

\u201cAccountants can advise on the best course of action on big decisions or purchases, such as gifting assets to family members, selling second properties and making significant pension contributions<\/a>.<\/p>\n\n\n\n

\u201cAccountants can also easily spot mistakes and misclaimed expenses\u2014items that are not wholly and exclusively for the running of a business.\u201d<\/p>\n\n\n\n

Bonus tip: Don\u2019t leave it to the last minute<\/h2>\n\n\n\n

Steve Johnson, a Sage Business Expert and the owner of Graphite Web Solutions, says: \u201cWhile there is a deadline to complete your Self Assessment tax return, there is no need to leave it until 31 January as that piles the pressure on and can increase stress.<\/p>\n\n\n\n

\u201cTry to get your accounts completed close to your year-end as that will give you the time to complete your tax return. Then you can relax knowing it\u2019s all done.<\/p>\n\n\n\n

\u201cMoreover, you can focus on your new year promotions rather than worry about getting your tax return in.<\/p>\n\n\n\n

\u201cPersonally, from day one of running my own business, I decided to use an accountant to submit my return for me\u2014that way, he collates all the information, asks me to check it and then ensures it is completed and submitted around June or July.\u201d<\/p>\n\n\n\n

Final thoughts on filing your tax return<\/h2>\n\n\n\n

By following this Self Assessment tax return advice, we hope you\u2019ll find it easier to complete your tax return, so you can focus on what you do best\u2014running your business.<\/p>\n\n\n\n

Editor\u2019s note: This article was first published in November 2019 and has been updated for relevance.<\/em><\/p>\n\n\n\n\n\n\n

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Self Assessment: Your questions answered<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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<\/p>\n

Struggling with Self Assessment? New to tax returns? Get answers to questions you may have on Self Assessment and tax returns in this free guide.<\/p>\n

<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload your free guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n\n\n

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Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tSubscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"\"\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

For many businesses, filing a Self Assessment tax return can feel like a burden. Read on for seven top tips on how to keep things simple.<\/p>\n","protected":false},"author":870,"featured_media":11645,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[6,9],"tags":[27],"business_type":[4],"lilypad":[],"context":[],"industry":[],"persona":[73,74,75],"imagine_tag":[220,77,200,170,109],"coauthors":[510],"class_list":["post-7064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","category-strategy-legal-operations","tag-tax","business_type-small-business"],"sage_meta":{"region":"en-gb","author_name":"Susie Carter","featured_image":"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1254783885.jpg","imagine_tags":{"220":"Accountant accounting","77":"Accounting software","200":"Payroll","170":"Self Assessment","109":"Small business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/7064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=7064"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/7064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/11645"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=7064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/categories?post=7064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=7064"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=7064"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/lilypad?post=7064"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/context?post=7064"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=7064"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/persona?post=7064"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=7064"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/coauthors?post=7064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}