Atrium Top Tips to Save Tax on Your UK Self Assessment - Part 1

Luciana Oliveira

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Filing a UK Self Assessment tax return can feel like a daunting task for anyone who’s self-employed or runs a small business. But knowing how to save tax legally and efficiently can make a real difference to your wallet. With a little preparation, smart record-keeping, and a good understanding of what expenses and allowances apply, you can reduce your tax bill without stress or confusion.

Understand the Basics of UK Self Assessment Tax

Before you get into the details of tax savings, it's important to know what Self Assessment is and who must complete it, stay tuned our team has gathered very useful tips to help you! Self Assessment is the HMRC system for reporting income, expenses, and calculating tax due. Missing deadlines or filing inaccurate returns can lead to penalties, so staying informed is key.

Who Needs to Complete a Self Assessment?

If you’re self-employed, a partner in a business partnership, or earn income outside of PAYE (Pay As You Earn) tax system, you usually need to file a Self Assessment. This also applies if you receive rental income, dividends, or have capital gains to report. Essentially, anyone with untaxed income might find themselves completing this form.

Key Dates and Deadlines to Remember

Mark these down to avoid penalties:

• Register for Self Assessment: By October 5th following the tax year you need to report.

• Paper Tax Return Deadline: October 31st.

• Online Tax Return Deadline: January 31st (following the tax year).

• Tax Payment Deadline: January 31st and July 31st

Paying attention to these dates helps avoid fines and interest charges on late payments and also enable you to avoid payments on account if your level of income has changed.

Keeping Good Records for Maximum Savings

Good records are your best friend during Self Assessment. Keep receipts, invoices, and bank statements organized. This makes claiming expenses simple and supports your claims if HMRC asks for evidence. Digital bookkeeping software or even plain spreadsheets can help track income and spending throughout the year, making your submission smoother and more accurate.

Now that you know more about the Basics, stay tuned to our Blog as our next post will give you great tips focusing on deductible expenses!