Tax Return Checklist

It’s no secret that completing your taxes can be daunting. To make filing less painless, consider speaking to a trusted financial adviser and using a checklist to ensure you have every necessary document before the deadline rolls around.

Do you need to register a self-assessment?

HMRC requires that you file a self-assessment tax form if you are “trading”, which includes being one of the following:

  • Self-employed as a sole trader that earns more than £1,000 before tax
  • A business partner for a profitable organisation
  • The director of a company excluding strict non-profits with no pay or benefits

More generally, trading often includes anything that aims to make a profit through selling or creating, even if you are self-employed*. However, if you are confused about whether you need to register a self-assessment tax return, it may be best to contact a trusted financial adviser to analyse your specific situation.

What are the important deadlines?

Surprises that start with the words “tax bill” are often unwelcome, so plotting out a few key dates in your calendar may help to reduce stress.

  • October 5th – self-assessment registration for yourself or your business
  • October 31st – HMRC must receive return online or via post
  • December 30th – HMRC must know how you would like to pay your tax bill
  • January 31st – Tax return must be filed online
  • July 31st – First payment will be billed from your account


Taxes are a year-round affair that require a great deal of time and energy, especially from small businesses with limited resources. If you’re in doubt over how to proceed, don’t hesitate to contact a financial adviser for a consultation.

How do I complete the form?

If you’re trying to complete your self-assessment tax form, it’s important to have your National Insurance number, your Government Gateway ID and your UTR number handy, just to name a few. Relevant financial records are also important to have available for yourself or your financial adviser. Because there are so many different intricacies regarding which tax form you’ll need to fill out, many financial advisers recommend reaching out to a trusted professional who can assist with the process.

What happens if I miss the tax deadline?

Whatever you do, don’t panic. Even the government understand that things happen, and you don’t always get your assignments in on time. Submitting your taxes a few days late usually only incurs a fine of £100 or so, but it’s important to know the impact regardless so that you can make educated choices. Penalties may get worse as time goes on, but if you have a great reason for filing late, the HMRC is usually willing to hear your plea and decide whether it is reasonable.

If you’re sweating ahead of tax season, don’t be afraid to reach out to a trusted adviser to learn more about the ins and outs of your specific financial situation.

If you would like to speak with one of our financial planners, please don’t hesitate to get in touch over email at or call 01992500261.

This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested. 

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About gpfm  

gpfm are an independent financial planning company dedicated to the provision of personal, professional, and objective-driven advice for our clients. We have been awarded the Chartered Financial Planners title by the Chartered Insurance Institute for offering high quality, independent and informed advice that meets the needs of our clients.