The self assessment tax return is an unavoidable burden if you are liable for self-employed tax or have complicated income tax affairs. Both self-employed business owners and company directors must complete self assessment tax returns.
While nobody particularly likes paying income tax, the right approach to your self-assessment tax return will minimise the aggravation and can reduce the income tax you end up paying.
For help with the specifics, talk to an accountant; their expertise should save you time and money.
Making Tax Digital
Making Tax Digital (MTD) is a UK-wide initiative that'll transform how you submit and review your tax assessments. It's a complete move away from paper documents, which will be replaced by a verified online account that links you straight to HMRC.
HMRC has already introduced online personal tax accounts. All small businesses and personal tax payers now have their own account. You can view your tax transactions across the range of taxes including self assessment, Corporation Tax, VAT and PAYE for employers and to make payments at any time.
Reviewed by Mike Parkes, technical director, GoSimpleTax