As the self-assessment tax return deadline looms, freelancers, sole traders, and ‘solopreneurs’ across the UK are bracing themselves for what can feel like one of the most daunting tasks of the year. If you’re already feeling the pressure, you’re certainly not alone.
Every year, thousands of people scramble to submit their tax returns by the 31 January deadline. In 2023, an estimated 1.1m people missed the deadline altogether, highlighting just how many struggle to complete this task. So, if you’re staring at your paperwork in dread or putting it off until the last minute, you’re not alone – but there’s help available.
Why is Self-Assessment So Time-Consuming?
For sole traders and freelancers, managing your own tax return often becomes an uphill battle. You can spend a significant amount of time that could be better spent focusing on your business – not to mention the stress and frustration of grappling with numbers, HMRC forms, and deadlines.
Digital Changes Coming into Play: Making Tax Digital
If you’re already struggling with your self-assessment, it’s important to know that big changes are on the horizon. From April 2026, the Government’s ‘Making Tax Digital’ (MTD) initiative will transform how self-assessment works. Under the new rules:
- Self-employed individuals and landlords earning over £50,000 will need to report their income and expenses quarterly instead of annually
- Those earning between £30,000 and £50,000 will need to comply starting in April 2027
This shift means keeping your accounts up-to-date all year round rather than rushing to complete your return once a year. While this might sound daunting, it could also simplify the process with the right tools and support in place.
Panicking About Your Tax Return? Here’s What to Do
If you’re already feeling overwhelmed, don’t wait until the last minute. Here’s how you can take action today:
1. Seek Professional Help
An accountant can take the stress out of your tax return, ensuring everything is accurate and filed on time. This not only saves you time but also reduces the risk of errors and penalties.
2. Stay Ahead of Digital Changes
An accountant can help you prepare for Making Tax Digital, ensuring you have the right systems and processes in place to comply with the new rules.
3. Focus on What You Do Best
Spending hours battling your tax return isn’t a good use of your valuable time. Let an expert handle it, so you can concentrate on growing your business.
Let Us Help You If you’re dreading your self-assessment tax return or feeling unprepared for the upcoming Making Tax Digital changes, we’re here to help. HB Accountants provide expert tax return support, advice and preparation for Making Tax Digital, full accounting, management accounts, and business advice to help your business thrive.
Don’t let tax season be a source of stress. Get in touch today to see how we can make the process simple, stress-free, and efficient. Contact us now to take control of your tax return and focus on what you do best – running your business.
If you would like to speak to us about how we can help you or your business, get in touch with us on 01992 444466..
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any error.
Read our latest updates here
- Get ahead for the new year – 8 accountancy tasks to tackle now
While it is incredibly tempting to wind down in the days leading up to Christmas and take it easy between Christmas and the New Year celebrations, it really is the perfect time to ensure that your accounts are in tip top shape. - Take the Stress Out of Your Self-Assessment Tax Return
As the self-assessment tax return deadline looms, freelancers, sole traders, and ‘solopreneurs’ across the UK are bracing themselves for what can feel like one of the most daunting tasks of the year. If you’re already feeling the pressure, you’re certainly not alone. Every year, thousands of people scramble to submit their tax returns by the … Continue reading - HMRC Advisory Fuel Rates (AFRs) from 1st December 2024
Advisory fuel rates (AFRs) are recommended reimbursement figures for drivers reclaiming business mileage, usually for those in company vehicles. The advisory fuel rate is updated by HMRC based on fuel prices every quarter, and publish revised figures if required in late February, May, August and November each year - Accounting for Christmas
As we leap towards the start of the festive season, with Christmas only a few weeks away (sorry!), we are sure that marketing and people teams are full speed ahead with planning Christmas parties and finding ways to to thank everyone for their hard work and loyalty over the past year. This means it is … Continue reading - Solving a Finance Director’s Worst Nightmares: Strategies to mitigate or prevent them from occurring
Finance professionals are not only responsible for financial transactions and reporting, they are directly involved in the operation of their organisations; providing strategic direction and high-level decision making. However, with this expanded responsibility and new technology, there comes new challenges. - How to create a financial forecast
A financial forecast is an important tool to help you understand the steps you need to take to grow your business or remain profitable. In business, many factors are beyond your control but it’s invaluable to know what to expect in the near future and plan ahead. This is where financial forecasting will help. Here … Continue reading
