Staying on top of self-assessment
For some, the self-assessment process can be particularly stressful
The self-assessment system puts the onus on the taxpayer to fully declare all income and claim any appropriate reliefs. Directors, higher rate taxpayers and anyone whose income includes amounts not subject to a tax deduction are almost certain to have to file a Tax Return.
It is always better to pay the right amount of tax than to overpay and reclaim the overpayment later, especially as HMRC will pay little or no interest on money owed to taxpayers. Clearly, it is a priority to get your self-assessment return in as early as possible and reclaim any refund you are owed. Staying ahead of your obligations pays whether you owe tax or are due a refund from the taxman. See this guide for our self assessment update.