Get organised for Self Assessment

You must submit your online Self Assessment tax return by 31 January for the previous tax year, and you must register by 5 October in your second year of operation. However, there are other key dates you should be aware of;

When? - What do I need to do?

• 5 October - Register for Self Assessment
• 31 October - File any required paper tax returns
• 30 December - If you are eligible, inform HMRC if you would like them to directly collect Self Assessment payments through your PAYE tax code
• 31 January - File and pay your Self Assessment tax return online
  - For first year businesses, make your first, advance payment towards next year's Self Assessment bill
• 6 April - New tax year begins
• 31 July - Make your second payment on account.

For more information, and to learn more about which deadlines are applicable to you and your business, please visit: https://www.gov.uk/self-assessment-tax-returns/deadlines

You need to send a tax return if (in the last tax year) you were (including, but not limited to):

• Self-employed with income over £1,000 (before taking off anything that can be claimed through tax relief)
• A property owner with income from renting out property for over £2,5000 after allowable expenses or more than £9,999 before allowable expenses
• Left with untaxed earnings of more than £2,500
• An investor with savings or investments over £10,000 before tax
• An LTD Director of a for-profit company
• Earning over £50,000 and claiming child benefits
• A UK resident with foreign income
• Have taxable income over £100,000
• A trustee of trusts of registered pension schemes
• If your state pension is the only source of income and is higher than your personal allowance
• Making profit from selling shares or a second home

You can fill in your tax return online or by a paper form. You can submit it any time from the first day of the following tax year (from 6 April 2024). In fact, a record 11.4 million customers submitted on time for the 2021 to 2022 tax year, with 68,462 submitting their tax return on deadline day.

If you're looking for software for Self Assessment our plans have you covered. All 3 packages (Start, Standard, and Plus) give you the fundamental features you need to manage your accounting, including your tax returns.

• Accounting Start: If you’re a non-VAT registered sole trader or just starting out with a new business then Account Start is a great choice. Comes with simple bookkeeping requirements and single-user access. Perfect for businesses using cash accounting.
• Accounting Standard: Perfect if you’re VAT-registered and self-employed, a service provider with quoting and estimation needs, CIS-registered, or if you need to share access with more than one user (with your accountant, for example). Perfect for businesses using cash or accrual accounting.
• Accounting Plus: This includes all of the functionality within Accounting Standard but it’s also great for stock-based businesses, businesses with cross-border services or sales, and professionals with foreign bank accounts. Perfect for businesses using cash or accrual accounting. Learn more about cash and accrual accounting.

Have simpler needs?

• Accounting Individual: If you need a simple solution to manage income and expenses for tax compliance, without quoting, invoicing or VAT, see our Individual plans.

To accurately fill in your tax return, it’s important to keep records of:  

• Personal financial records like bank statements, certificates of loans, receipts of payments 
• Documents you have signed or been given like personal pension plan certificates, birth or marriage certificates 
• Benefits and expenses related to your income like P60s, P45s, annual pension statements, notes of taxable receipts and benefits 
• Expenses claimed against your earnings or reductions of your employer’s calculation of your benefits like receipts, credit card statements, mileage details, purchase records 

To effectively keep track of key information in preparation of your Self Assessment, you can use software like Sage Accounting to centralise, digitise, and automate the capture of important data so that it’s easier and clearer to fill out your tax return.

With software like Sage Accounting, you can better prepare for your Self Assessment tax return, whether you do it yourself or work with an accountant. All the information you need to declare is kept accurate, compliant, and digitised in one place. You can also use Sage Accounting to work more collaboratively with your accountant, sharing real-time information in a secure way – and you can use clear financial information to plan your tax year together. 

Sage Accounting helps you capture, categorise, and automate data for your Self Assessment tax return in one place. Get ready for the 31 January 2024 deadline today by keeping digital records and optimising your self-employment income with Sage Accounting.

• Stay compliant and get total peace of mind that your tax return data is accurate 
• Plan your tax year effectively with up-to-date information 
• Store the relevant information for the right amount of time
• Automate bank reconciliation and upload receipts or documents to Sage Accounting for faster and more accurate data capture
• Simplify the process of gathering data for your Self Assessment tax return so you can complete it yourself
• Improve collaboration with your accountant if you choose to work with one for your tax return 

All of our customers get free, award-winning support by phone, email, and online chat.

• Telephone and chat support is available 8:00 a.m. to 8:00 p.m., Monday to Friday. Webchat only support is available on Saturdays and Sundays, 8:00 a.m. to 6:00 p.m.
• Pre-recorded webinars are available to watch any time that suits you.

You will also get 24/7 access to the following support resources: 

• Our online Community Hub: Ask questions, share ideas, and solve issues with Sage Accounting customers and product experts..
• Step-by-step video guides.
• Instructor-led courses: For anyone wanting to take their skills to the next level, we have hundreds of courses designed for multiple experience levels and job roles. Get certified and earn badges that show your expertise and build up your resume.
• We also have support channels on Twitter and Youtube. We are committed to providing you with world-class support for Sage Accounting at every step of your business journey.