Filing Your Self Assessment: Key Areas to Watch Out For and When You Need an Accountant
If you’re self-employed or receive income outside of PAYE, filing your Self Assessment tax return is a must. But completing it correctly can be tricky — especially when your finances aren’t straightforward.
At Jarem Accountancy Services Limited we regularly help individuals and business owners stay compliant, minimise errors, and make the most of available tax reliefs.
Here’s what to look out for when completing your Self Assessment — and how to know when it’s time to bring in a professional.
🔍 1. Declaring All Your Income Sources
One of the most common mistakes is forgetting to include every source of income. HMRC expects to see everything, including:
- Self-employment or freelance income
- Salary and dividends (if you’re a company director)
- Rental income
- Interest from savings or investments
- Foreign income or overseas assets
- Capital gains (for example, from selling shares or property)
Failing to declare income can result in penalties, even if it was unintentional. If you earn from multiple sources, an accountant can help ensure nothing is missed and that the right tax treatment is applied to each.
📊 2. Claiming the Right Expenses
Claiming allowable expenses correctly can significantly reduce your taxable profit. But it’s easy to get it wrong — especially when you mix business and personal costs.
Common deductible expenses include:
- Office supplies, software, and subscriptions
- Travel for business purposes
- Marketing and advertising costs
- Accountancy and professional fees
- Business use of home (a portion of utilities, internet, or rent)
Your accountant can help you understand which expenses are genuinely deductible — and which ones might raise a red flag with HMRC.
💡 3. Understanding Allowances and Reliefs
Tax rules change regularly, and there are numerous reliefs that many taxpayers overlook, including:
- Marriage Allowance
- Trading Allowance (up to £1,000 of casual income)
- Savings and Dividend Allowances
- Capital Gains Tax exemptions
- Pension contribution relief
Working with a qualified accountant ensures you’re taking advantage of every relief available to you — not just the obvious ones.
🧾 4. Checking Payment on Account Requirements
If your tax bill exceeds £1,000, you may need to make payments on account towards next year’s tax. This often catches people off guard, effectively doubling what they expected to pay in January.
An accountant can forecast this for you early, helping you plan ahead and avoid cash flow shocks.
📅 5. Meeting the Deadlines
HMRC deadlines are strict:
- 31 October – paper return deadline
- 31 January – online filing and tax payment deadline
At Jarem we ask clients to provide all necessary information by 1 November. This gives us time to review, advise, and finalise everything before the rush — ensuring you’re not filing under pressure or missing opportunities to save.
When You Should Hire an Accountant
While some people can manage their own returns, you should consider working with an accountant if:
✅ You’re self-employed, a contractor, or a limited company director
✅ You earn from multiple income sources or overseas assets
✅ You buy, sell, or rent out property
✅ You’ve made large capital gains
✅ You want to plan ahead for future tax efficiency
✅ You simply want peace of mind that everything’s filed accurately
An experienced accountant doesn’t just fill in boxes — they save you time, reduce your tax bill, and protect you from costly mistakes.
Work With Jarem Accountancy Services Limited
At Jarem we take the stress out of Self Assessment by handling the process from start to finish. Our proactive approach means we don’t just report the past — we help you plan for the future.
Whether you’re based in Leighton Buzzard, elsewhere in the UK, or overseas with UK income, we’re here to help you:
- File accurately and on time
- Make the most of every allowance
- Understand and plan for tax payments
📞 Contact us today to get your Self Assessment sorted and start planning ahead with confidence.
