Top 5 Self-Assessment Tips for Freelancers in the UK

As a freelancer in the UK, managing your self-assessment can be a daunting task. Here are five expert tips to make tax season a breeze:

1. Keep Detailed Records

Maintain a record of all your income and expenses. Use accounting software or a simple spreadsheet to track everything throughout the year. Ensure you keep receipts for at least six years as required by HMRC.

2. Set Aside Money for Taxes

Estimate your tax liability and set aside a portion of your income each month to avoid a hefty bill at the end of the year. Consider opening a separate savings account for your tax funds.

3. Claim All Allowable Expenses

Familiarize yourself with allowable expenses such as office supplies, travel costs, and internet usage. Claiming these can significantly reduce your tax liability. HMRC’s website provides a comprehensive list of what you can claim.

4. Stay Up-to-Date with Tax Deadlines

Mark key dates on your calendar to avoid missing deadlines and incurring penalties. Our tool provides reminders to keep you on track. Remember, the deadline for online returns is January 31st.

5. Use a Reliable Self-Assessment Tool

Simplify the process with our self-assessment software. Join our waitlist for early access and exclusive tax tips to ensure accuracy and efficiency in your filings.

Ready to make tax season stress-free? Sign up for our waitlist today and get your first submission free, plus downloadable guide with '24 self-assessment tips!