How to avoid pitfalls when completing a tax return

With only three weeks until the deadline for self assessment tax returns, Cheryl Sharp FCCA, CEO at Pink Pig Financial gives her top tips on how to make the process as stress free as possible

The start of a new year usually means two things, broken new year’s resolutions and the pressure to get your self assessment tax return filled in time for the end of January deadline.

Self assessments are used by HMRC to collect information about earnings and expenses to calculate how much income tax needs to be paid.

As a general rule, anyone who receives an income that is not taxed at the source is required to complete a self assessment for 2023-24. This includes those who are self-employed, along with anyone who has multiple income streams such as rental income, investment returns or foreign income.

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