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First time self assessment

8 replies

VivienScott · 08/06/2020 17:53

Due to going over the income bracket last tax year (2019/20), I need to do a tax return. Has anyone got any experience of this? Is it easy enough to do, or should I get a professional to do it?

OP posts:
Tohaveandtohold · 08/06/2020 17:59

I did this last week for the first time and it was so easy. I have a job normally and pay PAYE tax on it so I had to wait for my p60 so that I can just take the total from there and then I added my self employed earnings.
It was so easy and on the gov website, there are lots of helpful videos that shows you the steps too so you can watch the videos first then play and pause it as you complete yours. My self employed earnings was straightforward though

lancslass17 · 08/06/2020 19:28

It's easy I do it for my oh who rents his house out

I do it on a spreadsheet first so i know what i should come out at. The hardest part is signing up waiting for registration etc so do that sooner

Whenwillthisbeover · 08/06/2020 19:58

I do DHs every years as he is a high earner, it’s fairly easy. Worst bit was getting my head around the pension contributions and the calculation to get back tax relief at 40%. These days it’s easy, uti I have to wait until his P11D comes through which is usually July.

BarbaraofSeville · 09/06/2020 05:30

It's very easy, you don't need to pay anyone to do it.

Registering is the hardest bit and you need to get codes sent in the post.

It asks you which income sections apply to you and you only need to fill in those sections.

You can save a partially completed return and go back to it as many times as you like. Obviously you need to have all information available like P60 and PIID if applicable.

Bluewavescrashing · 09/06/2020 05:41

I hate anything tax related and find it shockingly bad- not user friendly at all. But DH is a chartered accountant so he does mine

user1497207191 · 09/06/2020 19:36

Are you sure you shouldn't have been doing SA in previous years? You may have been liable to do one even if your profits weren't as high as the tax free personal allowance (NIC thresholds are a lot lower!).

mummy2boys53 · 09/06/2020 21:11

I do my partners for him, self employed sole trader with a few expenses. Fairly easy once you have all the figures together.

handbagsatdawn33 · 10/06/2020 18:04

Register first, this does take time.
The form is easy to complete, & it's possible to start filling it in, leave it, & come back to it later.
Have all your figures to hand, including interest from savings accounts.

It's a lot easier to complete than it used to be, & there's help available at the click of a mouse.

The only horrible bit is paying your tax at the end of it.

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