Self-Assessment Tax Deadline: What you need to submit as a Consultant

Posted: 2019-01-31

If you have recently transitioned to a consultancy role then you will be responsible for submitting your taxes by the deadline of midnight tonight. As someone who has transitioned from full-time employment, self-assessment tax may not have been something you’ve encountered before. However, it is important that you are aware of what to submit so that you don’t make any mistakes.

When it comes to filling in your tax return, you will need all the information you have about your earnings for the tax year as well as the details of any expenses you want deducted from your tax return.

You need to be sure that you have all the relevant paperwork you need in order. Including P60, P45, PAYE, P11D and tax certificates for investments. As a consultant, you will also need your bank statements and sales invoices.

There are several helpful apps available for self-employed consultants if your preference is to keep all your records stored digitally, such as QuickBooks or Sage. These apps can also integrate with the HMRC website which can make filling in your tax return a lot easier.

To be able to file your tax return, you’ll need your UTR (Unique taxpayer reference) number. This will have been assigned to you when you registered as self-employed through the HMRC.

As a self-employed professional, there are a few costs you’ll be able to claim back against your Self-Assessment tax bill, so long as these are reasonable. Below, we’ve listed the main expenses you’ll be able to claim under the HMRC.

  • Office costs – for example stationary or phone bills
  • Travel costs – for example fuel, parking, train or bus fares
  • Clothing expenses – for example, uniforms
  • Staff costs – for example salaries or subcontractor costs
  • Things you can buy to sell on – for example stock or raw materials
  • Financial costs – for example insurance or bank charges
  • Costs of your business premises – for example heating, lighting or business rates
  • Advertising or marketing – for example website costs

If the contract you have chosen requires you to work from home, you can still claim business expenses, but only a small percentage. The HMRC is insistent that consultants find a reasonable method of dividing the costs between personal and business use.

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