First Self assessment

Adly812

Not really a cutting tax question. But I am due my first tax self employed assessment return online before the 31 jan. I haven’t a scooby about tax, I’ll be logging onto my government gateway ID and attempting it alone. Is it hard? What do I need to prepare? I have all my invoices ready and my earnings since feb 2018.
I’m a self employed Pilates teacher. So has anyone got some advice and some guidance I should be prepared for? Is it easy to do ?

00ec25

you read the copious and detailed helpsheets that go with the tax return which explain how to fill it out accordingly
https://www.gov.uk/self-assessment-forms-and-helpsheets

you read the very many websites that explain what costs you can and cannot claim when working out your self employed expenses which will then give rise to the profit upon which you will be taxed

here is an example of one such website
https://www.litrg.org.uk/tax-guides/self-employment/working-out-profits-losses-and-capital-allowance/how-do-i-work-out-my

Dazed_and_confused

Based on your op I would suggest a couple's things,

1) read all the useful links 00ec25 has provided

2) find all relevant information for the period 6 April 2017 - 5 April 2018. A tax return is for you to declare all your taxable income, it isn't just for your Pilates business.

C_Mababejive

Dont worry,,the HMRC are as clueless as ou might be.

uknick

C_Mababejive wrote: »

Dont worry,,the HMRC are as clueless as ou might be.

I think that's a bit harsh when talking abut a simple tax return. Of course once you get into something a little off track, you could be right.

csgohan4

I was clueless when filing the return, but when you look at each box, it's pretty self explanatory, if your not sure consult the notes and links beforehand.


Worse case scenario consult an accountant if still not sure

C_Mababejive

uknick wrote: »

I think that's a bit harsh when talking abut a simple tax return. Of course once you get into something a little off track, you could be right.

My harshness was directed at the HMRC,not the OP,,I am also a bit clueless on tax returns.

pramsay13

I'm assuming you only started trading in Feb 2018. Otherwise you will need to get everything going back to April 2017.

You normally need your other employment information although this year the HMRC already had mine so I just had to confirm it was all correct.

You can save as you go so it is easy enough to complete a bit and then save and come back to it, or research anything that is causing problems, or even ask on here for specific help.

Wyndham

I took screenprints as I worked through mine. There is a pdf at the end, but it's not the same as the screen you fill in. So, when I come to do the next one, I'll know what I put on each screen this year, which I think will be helpful.

uknick

C_Mababejive wrote: »

My harshness was directed at the HMRC,not the OP,,I am also a bit clueless on tax returns.

I was referring to your comment about HMRC. Maybe I've just been lucky over the years, but I've only ever had one bit of duff info from them about what was needed for a P50 repayment application.

Adly812

Yes only started teaching independently in feb 2018. Before then and during I was employed too and had a job at a university so they gave me all my p5 and my p60 etc when I left so I have records for that job too.