I wrote a post about filing your tax returns as a freelancer some months ago, and it was well received. So this post is really just a follow-up post, to answer some questions that were asked in the comments and via email.
I set up this blog – Fashion and Style Police in October 2012. And then I knew little or nothing about how bloggers make money. I just wanted an outlet to write. So filing a tax return or registering as self-employed was the last thing As the blog grew, I started getting sponsored posts requests (I wrote all about these in my book, check link directly above) and then I started to think about best ways to send out invoices, registering myself as self-employed and filing the ‘Almighty’ tax returns.
The number question that was asked by many bloggers and freelancers is – “What to do when you have made a mistake filing out your tax return“, followed closely by “How best to keep track of your finances” and “To employ an accountant or not to employ an accountant”.
Here are 3 tips you should answer these questions:
Submit your Tax Returns Early
Submitting your tax returns is the first step in getting the process right because you are more likely to complete your tax return without errors when you submit it early. Panic, rush and anxiety usually leads to mistakes. I like to submit my tax returns by May/June (tax year ends April) after the tax year-end even if I have till January. I like to sort out important stuff quickly. And plus if I do make a mistake on my tax returns, I have 12 months to amend it on the HMRC website. So it is better to submit early just incase there are any errors.
Check and Check Again
I check my tax returns multiple times before submitting, just incase I missed an error or not included a vital information. I usually get a fresh pair of eyes to check with me as well. It is better to be safe than sorry.
Speak with an Accountant
If you are not on top of your finances, to busy to deal with your tax returns or you rather just employ a professional, then speak to an accountant. Sometimes it is best to let the professionals do the work they are trained to do. If you don’t have a budget for an accountant or you are not earning much from your self-employed career, then you may attempt to file your tax returns yourself. I did, and trust me, it is not as difficult as it appears to be. It is quite straight forward, and there are loads of information on the HMRC to guide you. You can aslo call the HMRC office if you need clarification on any tax related issue. The best times to call are Tuesday to Thursday, between 8.30am – 10am, 11.30am – 1pm and 2pm-4pm, but lines are usually open at at 8am Monday – Friday.
Do you struggle with filing your tax returns?
*This is a collaborative post.
Oh god I need to do my tax return soon – I’m dreading it as it’s my first one! I will definitely be reading your tips on this when it comes to it! Thanks
You will be fine am sure.
Thanks for sharing, I found it really helpful! 🙂
Glad you did.
Ahh.. I live in the UK but I am an American so this means I have two sets of taxes to do each year. I think starting early is great advice!
Oh boy..I don’t envy you x
Some great tips here. I would say when in doubt hire an accountant
Yeap true that.
This is the first year I need to file mine and I’m hoping I’ll be okay as I’ve tried to keep everything together. I have a few friends who work in accounting too who have offered some really helpful advice.
That is good. I am sure you will be fine.
These are really great tips, I’ve never done taxes but if I ever do, I’ll certainly keep these tips in mind, thank you for sharing xx
Thanks for reading Sarah x
Luckily, we do have an accountant otherwise, I’d probably be making one mistake after another!
Lucky you..
I’m lucky that my brother is an accountant and helps me with my tax returns – but there are some good points here x
Lucky you x
No matter where in the world you live in, taxes can give you a headache. It’s a good advice to always check everything… and re-check just to be sure. 🙂
Yea. It is a major headache sometimes.
This is brilliant information for those just starting out Stella.
Thanks Emma.
These are really good to know. It’s such a dreadful task for some isn’t it? And something people really leave to the last minute!
Yea and start rushing which usually leads to mistakes.
An interesting post. This is my first year of tax returns and a new experience.
Ah nice. Enjoy x
I’m not a freelancer so have never had to do my taxes – but my husband is self employed and is going through all this at the minute. He got an accountant though, and has been getting great advice.
Oh that is good.
I always put off my tax returns as it is a job I dislike but its not that bad once you have completed it once
Yea it is not.
It was a very helpful post. Tax return can be confusing sometimes.
Yea it can be Madeeha.
Perfectly timed post. I’ve just been looking at my tax stuff today.
Ah nice.
I’ve never had to do this myself but I imagine it can be quite daunting
Yea it can be.
Really great advice in simple to follow terms!
Thanks Tracy.
This is a great post for freelancers and self employed…I just started my company so I have to say I’m dreading the tax returns.
Ah nice. Good luck with it all.
Great tips! I don’t earn anything from my blog at the moment but will definitely be taking these on board if I decide to do so! xx
Thanks Jessica xx
Very reassuring advice thats really helpful to newbies.
Glad it is Nayna.
I am yet to do mine, been so lazy but I just need to sit down one weekend this one and get it done. Thanks for this informative post
Thanks for reading Miranda x