This guide was last updated on:
March 5, 2023
- Don’t miss the deadline! The standard deadline is the 31st January following the tax year just finished. So for the tax year ending 5th April 2021, the deadline is 31st January 2022.
- If you fail to file your self assessment on time you will receive a late filing penalty
- Keep thorough records of your income and expenditure, including invoices and receipts were possible
- Declare any charitable donations that you make
- Keep a record of any payments to a private pension fund
- Don’t forget about payments on account. If you owe over a certain amount in tax when you file your self assessment, you will be required to make ‘payments on account’ which effectively accelerates your tax bill for the following year
- Make sure you are using the correct tax code to avoid over/under paying
- Ensure you declare all sources of income, and you transfer details of what tax you have already paid
