How to Prepare for the Self Assessment
The online Self Assessment deadline is 31 January. Any tax due must normally be paid by the same date. Preparing early gives you time to find missing information, understand your tax bill and avoid a last-minute rush.
Check whether you need to file
You may need a tax return if you:
- Earned more than £1,000 from self-employment before expenses
- Received rental or other untaxed income
- Were a partner in a business partnership
- Need to report a taxable capital gain
- Need to pay the High Income Child Benefit Charge
- Have another reason to report income or claim tax relief
The rules depend on your circumstances. If you are unsure, seek advice or check with HMRC. GMS Accountants provides personal tax and Self Assessment support for individuals, landlords and business owners.
Gather your records
Collect the information covering 6 April to 5 April. Depending on your circumstances, this may include:
- Sales invoices and business expenses
- Employment income shown on your P60 or P45
- Bank and savings interest
- Dividend income
- Rental income and property expenses
- Pension contributions and Gift Aid donations
- Details of asset sales and capital gains
- Student loan information
If you are self-employed, keeping accurate records throughout the year makes preparing your return easier. Our guide to bookkeeping explains why regularly updating your records matters.
Do not ignore incomplete records. A missing receipt does not always mean an expense must be excluded, but you should retain suitable evidence showing what was purchased and why it was for the business. Read our guidance on claiming expenses when receipts are missing.
Allow for payments on account
Your January payment may include both the tax due for that tax year and the first payment on account towards the next tax year. This can make the amount considerably higher than expected. Completing your return early confirms what you owe and gives you more time to budget.
Submitting early does not mean paying early, the normal payment deadline remains 31 January.
Avoid penalties and last-minute mistakes
A late return normally attracts an initial £100 penalty, even if there is no tax to pay. Further penalties and interest can follow if the return or payment remains outstanding.
If you are a sole trader, landlord or individual who needs help preparing a return, contact GMS Accountants. We support clients across Cambridge and Nottingham with clear, straightforward Self Assessment advice.
