The CleverHub

A central source of accountancy related news, arcticles and reviews

Call 0113 518 8800 Call me back

How to Prepare Your Self-Assessment Tax Return

by | Dec 6, 2019 | Personal finance

With the deadline for submitting your Self-Assessment Tax Return just around the corner, it’s a good idea to start getting your finances in order so that you don’t have a last-minute panic.
According to ‘Which?’, last year 28% of people struggled with their tax return while almost one in 10 reported the task taking more than five hours. It really doesn’t need to be this difficult, particularly if you keep your finances up-to-date throughout the year.
Our team supports thousands of freelancers and small business owners to manage their accountancy online, including their Self-Assessment Tax Return. Here we explain more about what’s involved.

Who needs to complete a Self-Assessment?

You’ll need to complete a self-assessment if you’re a director of a limited company or self-employed. We can register you for self-assessment and prepare and submit your tax return on your behalf. This ensures everything is done correctly and makes life easier for you. With a dedicated accountant by your side, all you have to do is pay your tax bill using the verification HMRC sends when they confirm receipt of your tax return.

What to include in a tax return?

To complete your tax return, it is necessary to document all your income sources over the year. If you are a company director and your only income is a salary from your business, that’s what should be recorded on the tax return.
If you’ve received dividend payments or income from other investments and shares, or an asset such as a rental property, this will need to be detailed too, as will any pension contributions, state benefits and capital gains (such as a property you’ve inherited) and lump sums such as redundancy payments.

How is tax calculated?

The amount of income tax you must pay is based on earnings above the personal allowance which is £11,850 for the year ended on April 5th 2019 (rising to £12,5000 for the tax year ended on April 5th 2020). Your income is then taxed according to which ‘Band’ your income relates to, as follows:

Tax Rate (Band) Taxable Income Tax Rate
Personal Allowance Up to £11,850 0%
Basic Rate £11,851 to £46,3500 20%
Higher Rate £46,351 to £150,000 40%
Additional Rate Over £150,000 45%

Deadlines and penalties

Below are the deadlines for submitting your Self-Assessment Tax Return for the year ended on April 5th 2019. If you’re late, HMRC will impose an automatic late filing penalty of £100, plus other charges.

Self-Assessment Deadline
Register for Self-Assessment 5 October 2019
Paper Tax Returns Midnight 31st October 2019
Online Tax Returns Midnight 31st January 2020
Pay the Tax you Owe Midnight 31st January 2020


Last year, more than 2000 people submitted their tax return on Christmas Day with more than 8,000 doing so on Boxing Day. We’re sure you’ll agree that it’s much better to be organised in advance so that you can forget about taxes over the festive period and spend the time celebrating instead!
For more information on any aspect of limited company accountancy or help with preparing your tax return, please get in touch.

IR35 - read more about it

Find out what changes are coming, how this could affect you and what we can do to help.


Information for contractors, freelancers and limited company on what help is out there

Our accounting packages

Limited Company

Used by thousands of limited companies and contractors, you get unlimited accounting support and advice, easy-to-use online accounting software all for a single fixed monthly fee. This package also includes our Flex solution to allow seamless switching between a limited company and Umbrella plus free insurance*

Growing Company

Our fully bespoke accounting service for limited companies that are growing or in need of additional services. This package includes a dedicated bookkeeper and payroll solutions for multiple employees together with fully pro-active support and advice and face-to-face meetings via video conferencing.  If you need that extra hands-on service, this is perfect for you.

Need an accountant?

Clever Accounts offers fixed-fee online accountancy support for contractors, freelancers and limited companies.

Dedicated accountants, online accounting software and 15 years expertise in the market makes us the perfect choice.

Find out more Request a call back


Designed for contractors & limited companies


Your own dedicated, experienced accountant


Monthly fixed-fees - no surprise bills


End-to-end IR35 support and guidance


Year end accounts, payroll and VAT