No sooner have you settled back into work after a festive break do you have to take care of your Self Assessment. 31st of January is the cut off point in case you missed the billboards dotted around the UK and there is a £100 fine if you miss the deadline with an additional £10 per day for 90 days thereafter. To make the process as painless as possible we've put a checklist together for you to follow.
1. REGISTER ONLINE NOW
HMRC are trying to encourage everyone to fill out their return online. The deadline for the paper forms was the end of October so if you've still not completed your Self Assessment return, you'll have to do so online. Registering is not a quick process and can take up to 10 days so get on it now. Here's the link to register as a Sole Trader .
2. GATHER YOUR PAPERWORK
Before diving in, have all your figures in order.
- A list of all sales and income
- Business expenses
- VAT records if you're VAT registered
- Personal income records
3. ASK FOR HELP
Self Assessment can be tricky, as much as HMRC want to tell you it's not. There will generally be a few bits that you're not 100% sure about and will want to clarify before filling out. The HMRC helpline is one option but be warned, on the lead up to the deadline, there are long waits.
4. OUTSOURCE THE WORK
We always recommend you try to tackle Self Assessment yourself as it's a great way to get an overview of your business. However, if you're spending hours on the process and stressing out, have someone do it for you. We found a few places online who do the work for around £50.
