When you are self employed completing your own tax return can be a fairly straightforward task. But as with most things, getting organised before you start the task can make the process much more straightforward.  To help, here are 8 things you need to complete your tax return and make the process as pain free as possible:

  1. Your UTR number;
  2. Your National Insurance number;
  3. Your HMRC login & password, which you will have set up when you registered for self employment;
  4. Details or your self employment income & expenses to calculate you self employment profits;
  5. Previous year tax return and any tax losses you may have previously declared since you can use these against current year profits to save tax;
  6. Any other income you need to declare such as rental income or bank interest;
  7. Your P45 or P60 issued if you were employed during the tax year.  Remember you need to declare all your earnings on your tax return not just your self employment income;
  8. TIME. Your tax return is due by 31 January. Don’t leave your tax return until the last minute, give yourself the time you need to process information and fill out the forms because mistakes can cost you in the long run.


Sole Trader Tax: Work Out What You Need to Pay

Anita is a Chartered Accountant, turned blogger and creator of the ever popular free Go Self Employed Email Mini Course, which has been completed by hundreds of attendees all over the UK. Using her 10 years experience in accounting, tax and operations for Small Businesses, Anita is on a mission to make finance simple for the self employed, so they can stop stressing about tax & finances and focus on building profitable businesses which will give them the lifestyle they dream of.