How do I do my own self assessments
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  1. #1
    Join Date
    Jul 2011
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    Default How do I do my own self assessments

    One of my friends did my books until now but
    I am debating getting an accountant or trying it myself.
    I am not sure where to start tbh,
    As I work self employed and employed with another company I have been taking off 20% for tax from childminding.

    For the year would I need to add what I've made, take away 20% of whatever that was for tax. And also put through any extra expenses etc for snack or paint etc
    I am just trying to navigate the hmrcs website
    My hubby thinks I should just get an accountant.
    There is someone who does your books listed by the scma, could anyone give me there info in case I do decide to just let an accountant do it

  2. #2
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    No you don't work out your own tax amount - you just fill in the boxes on the self assessment online form with your total income (total of all your invoices added together) and the total expenses (which you would log somewhere throughout the year- some use an accounts book or sheet others use a spreadsheet etc) and you also fill in other boxes such as if you've got any other income from other sources and then it calculates your tax and national insurance amounts for you. You then have until the end of the following January after that tax year to pay it. So if you submitted your tax info for 2015/16 today you don't have to pay it until Jan 2017.

    Hope that helps?

  3. #3
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    Quote Originally Posted by samb View Post
    No you don't work out your own tax amount - you just fill in the boxes on the self assessment online form with your total income (total of all your invoices added together) and the total expenses (which you would log somewhere throughout the year- some use an accounts book or sheet others use a spreadsheet etc) and you also fill in other boxes such as if you've got any other income from other sources and then it calculates your tax and national insurance amounts for you. You then have until the end of the following January after that tax year to pay it. So if you submitted your tax info for 2015/16 today you don't have to pay it until Jan 2017.

    Hope that helps?
    Thank you so much
    I did think I would have to add up my income for the year, but was just a bit confused too
    Actually got a tax return today for 15/16 and didn't quite understand it until I read your post

    Thank you

 

 

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