Getting ready for self-assessment season: early preparation tips
Why starting early pays off
The self-assessment deadline might feel miles away, but it always creeps up faster than you think.
Leaving it until January means stress, missing paperwork, and late-night number crunching when you’d rather be doing anything else.
Start early, and you’ll not only avoid the rush but also spot ways to reduce your tax bill and manage cashflow better.
Here’s how to make this year’s return smoother - and maybe even painless.
Gather your paperwork now
Think of this as your tax year spring clean.
Pull together everything you’ll need - income statements, invoices, expense receipts, bank interest, pension contributions, and any dividend slips.
If you’re self-employed, include mileage logs, home-working expenses, and business insurance details too.
Keep it all in one folder, digital or paper. The aim is simple - when it’s time to file, you shouldn’t have to hunt through drawers or old emails.
Check what income you need to declare
It’s not just your main job that matters. HMRC expects you to include all taxable income - that means side hustles, freelance work, rent from property, interest, and dividends.
If you’ve sold investments or crypto, that might count too.
The earlier you review what needs to be declared, the easier it’ll be to fill in the return accurately - and avoid an unwelcome letter later on.
Don’t forget allowable expenses
Claiming what you’re entitled to can make a big difference.
Typical examples include:
· Office costs such as stationery or software subscriptions
· Business travel and vehicle running costs
· Phone and internet bills (business use only)
· Professional fees, training, and insurance
If you’re unsure what qualifies, ask your accountant before filing. It’s better to check now than amend later.
Review payments on account
If you pay tax through payments on account, don’t ignore them.
These advance payments can catch people out, especially if your income changes from year to year.
Work out what’s likely due so you can plan your cashflow and avoid nasty surprises in January or July.
Use accounting software or digital tools
If you’re still relying on spreadsheets, this might be the year to upgrade.
Cloud-based accounting tools automatically track income and expenses, store receipts, and calculate estimates in real time.
They save hours of admin - and make it much easier for your accountant to review your records accurately.
Give your accountant time to help
The earlier you hand over your figures, the more time your accountant has to look for savings, fix errors, and give solid advice.
January is a scramble for everyone - files pile up, emails flood in, and last-minute submissions mean fewer options.
Share your info in autumn and you’ll get a calmer, more detailed service - plus the peace of mind that your return’s in safe hands.
Key takeaways
Before self-assessment season kicks in:
· Gather your paperwork early.
· Check all income sources.
· Claim allowable expenses.
· Review payments on account.
· Give your accountant enough time to help properly.
Your next step
Save yourself the stress and get ahead now.
Book a pre-season review with us and we’ll make sure your self-assessment is accurate, complete, and filed on time - with every saving you’re entitled to.
Contact us today and let’s make this your smoothest tax season yet.