Filling in the tax return forms might be straightforward. Having the right information is the challenge.Why not check the following list to make sure you have the relevant documentation or records available before you start?
What business records do I need to keep?
If you are in business as a self-employed sole trader or in a partnership you need to keep a following accounting records:
•Record all sales and other business income and retain the records, for example, invoices, bank statements and paying-in slips.
Do I need to complete a Self-assessment tax return?
Most people in the UK pay all their tax ‘at source’, for example, through Pay As You Earn (PAYE) if they are employed, and are not required to file a tax return.
So self assessment does not affect everyone and you will normally only need to complete a form if one or more of the following apply to you: