Almost 300,000 people in the UK have already filed their Self Assessment tax return for the 2023-24 tax year! That's 10 months before the deadline. Here we will cover :
HMRC encourages everyone to file their Self Assessment early. Why? Here are the benefits:
- Less Stress: By getting it done early, you can avoid the last-minute scramble and ensure all your information is accurate.
- Spread the Cost: Filing early allows you to budget and plan for your tax bill. You can even set up a payment plan to spread out the cost over time.
- Faster Refunds: If you're due a refund, filing early means you'll get your money back sooner!
Do you need to file a Self Assessment?
You might need to file if you:
- Are self-employed and earn over £1,000
- Have untaxed income exceeding £2,500
- Rent out property
- Claim Child Benefit and your income (or your partner's) is above £50,000
- Are a partner in a business
- Have savings or investment income over £10,000 (after the personal savings allowance)
- Have dividend income over £10,000
- Paid Capital Gains Tax
Gather Your Documents Before Filing
While the exact documents required can vary depending on your situation, here are some key things to have on hand before we begin your Self Assessment:
- National Insurance (NI) Number
- Unique Taxpayer Reference (UTR)
- Self-employment income records: Invoices, receipts, and bank statements related to your self-employed work.
- Employment income records: If you have a job besides being self-employed, you'll need your P60 or payslips showing your income and tax deducted.
- Records of other income: This could include rental income, savings or investment income, dividend income, or capital gains.
- Details of tax reliefs and allowances: Keep records of any expenses you claim for tax relief, like travel costs or equipment purchases.
Our Fees
We understand that tax filing can be complex, and we're here to help! Our fees for Self Assessment filing start from £250, and we offer a range of services to meet your needs.
Contact us and let's discuss your Self Assessment requirements.