Self-assessment season can stir up a mix of emotions for many business owners and self-employed professionals. There’s a sense of urgency, and often a little bit of stress as the deadline for filing taxes looms. But here’s the good news—preparing for your self-assessment doesn’t have to be a nail-biting experience. With the right approach and a little planning, you can breeze through tax season and focus on what really matters: growing your business. Bedford Accountants is here to help you keep calm and conquer your tax return!
Get Organised Early
Organisation is the key to a smooth self-assessment. It might seem like common sense, but getting your paperwork in order early makes all the difference. Start by gathering your essential documents, like income statements, expense receipts, and any relevant forms. This way, you won’t find yourself hunting through shoeboxes for misplaced receipts when the deadline approaches.
Remember, your goal is to have a clear picture of your income and expenditure for the tax year. A well-organised system, whether it’s a digital folder or an actual filing cabinet, will save you hours of stress when it comes to filling out your return.
Know Your Deadlines
Missing the self-assessment deadline can result in penalties—and no one wants that! The deadline for online filing is 31 January. Mark these date on your calendar and set reminders to ensure you’ve got enough time to gather everything you need.
If you’re new to self-assessment, make sure you register for an online account with HMRC well in advance of the deadline. Waiting until the last minute to register can lead to unnecessary stress.
Don’t Overlook Allowable Expenses
When you’re self-employed or running a small business, there are a host of expenses that you can claim to reduce your tax bill. These “allowable expenses” might include things like office supplies, travel for business, and even a portion of your home utility bills if you work from home.
Take the time to review what expenses are relevant to your industry, and make sure to log them accurately. This is where having a professional accountant (you have our details!) can make a huge difference—they can help you identify expenses you may not even have thought about, which can lead to significant savings.
Embrace Digital Tools
Gone are the days when tax season meant spreading piles of receipts across the floor. Nowadays, there are a plethora of digital tools and accounting software that can make managing your self-assessment far more straightforward. Apps like FreeAgent or Xero can help you keep track of income and expenses throughout the year, generate reports, and even connect directly with HMRC for filing purposes.
If you haven’t already done so, consider integrating one of these digital tools into your business. Not only will it save you time during self-assessment, but it will also give you a clearer view of your overall business finances year-round.
Know When to Call in the Experts
While self-assessment is designed for individuals to handle their own tax affairs, there’s no denying that it can be complex, especially as your business grows. Knowing when to ask for professional help is vital. Hiring an accountant can help you save time, avoid penalties, and ensure that you’re making the most of your available tax reliefs.
At Bedford Accountants, our expertise means we know exactly what to look for to make sure your tax return is accurate and complete. If you’re unsure about any part of the self-assessment process, we’re here to help—so you can focus on running your business, not managing paperwork.
Learn from This Year for Next Year
Finally, think of each self-assessment season as a learning opportunity. What worked well this time around? Where did you face challenges? Use these lessons to improve your financial habits in the year to come. If you struggled with keeping track of receipts, consider a different system. If cash flow issues affected your ability to save for taxes, plan to set aside funds more consistently throughout the year.
Taking these lessons to heart can make next year’s tax season even more efficient and stress-free.
Self-assessment season doesn’t have to be overwhelming. With some early preparation, the use of digital tools, and perhaps a helping hand from the professionals, you can turn what might feel like a daunting task into a manageable (and maybe even satisfying) process.
At Bedford Accountants, we believe that keeping calm and getting ahead of your self-assessment is all about the right approach—and we’re here to make sure you succeed. If you need any assistance, don’t hesitate to reach out. Let’s make this self-assessment season your most stress-free one yet!