Do your own UK Tax Return from Udemy

In this "How to do your own tax return" I will show you step-by-step how to submit your own UK self assessment tax return online with HMRC.

If you are a UK based small business owner with a straightforward business or an individual who needs to submit a tax return you can easily do it by yourself.

You will save on accountants fees and you will be in control of when your tax return is submitted.

I will cover what you need to include on your tax return, explain where you can find the information and then show you how to input on the HMRC website.

It's not an accounting course, so you will need to know your self employment income and expenses to include on your return.

It's also not meant for complex businesses, where I would still recommend using an accountant.

If you have capital gains or foreign income, please be aware that I haven't covered these. But for most people, these sections will not be required.

At the end of the course, you will realise that completing your own UK tax return is not as scary as you think. You can do it, and next year you will find it even easier.

The examples I show you are for the 2017-2018 tax year, but can still be used to help you complete your current year tax return.

What's inside

Learning objectives

* learn how to submit your own uk self assessment tax return online to hmrc *
How to get organised for doing your own tax return
How to access and login to the hmrc website
How to find your way around the hmrc website
How to input your employment figures - including where to find the information

How to input your self employment figures - you need to already know your income and expenses!
How to input other income - including where to find the information
How to add your allowances and reliefs
How to answer the hmrc questions that are hard to understand when you're not an accountant
How to complete your tax return

* learn how to submit your own uk self assessment tax return online to hmrc *
How to get organised for doing your own tax return
How to access and login to the hmrc website
How to find your way around the hmrc website
How to input your employment figures - including where to find the information
How to input your self employment figures - you need to already know your income and expenses!
How to input other income - including where to find the information
How to add your allowances and reliefs
How to answer the hmrc questions that are hard to understand when you're not an accountant
How to complete your tax return

Syllabus

Welcome

Welcome to the course

About Tax Returns

About this section

Who needs to do a tax return?

Why do your own tax return?

Tax return deadlines

Payments on account

Personal Information

Your HMRC Account

National Insurance number

Government Gateway login

Unique Tax Reference (UTR)

Being Organised

Why being organised is good!

Creating a paper filing system

Creating an online filing system

Self employment information needed

Logging in to your HMRC account

Adding your personal details

Tailoring your return

Filling in your tax return

UK Income - Employment

Earnings and tax

Employee benefits and expenses

UK Income - Self Employment

Accounting options

Entering self employment income

National insurance contributions

Other Income

Property income

Interest income

Dividend income

Pension and benefit income

Allowances and Reliefs

Pension payments

Charitable giving

Under and over payments

Completing your Tax Return

Checking your return

Viewing and checking your calculation

Saving and submitting your return

Making payment

Bonus lecture

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Do your own UK Tax Return with these activities:

Review Basic Accounting Principles

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Strengthen your understanding of fundamental accounting concepts to better grasp the tax return process.

Browse courses on Accounting Principles

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Review key accounting terms like income, expenses, assets, and liabilities.
Practice basic bookkeeping exercises.

Review 'Tax Guide 2023-24'

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Supplement your knowledge with a comprehensive tax guide to gain a deeper understanding of UK tax laws.

View Putting Knowledge to Work on Amazon

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Read the sections relevant to your tax situation.
Take notes on key concepts and regulations.

Compile Tax-Related Resources

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Gather all relevant documents and resources in one place to streamline the tax return process.

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Collect all income statements (P60, P45, self-employment records).
Gather records of deductible expenses and allowances.
Organize documents in a digital or physical filing system.

Four other activities

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Participate in a Peer Study Group

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Collaborate with other learners to discuss challenging concepts and share insights.

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Find other students taking the course or interested in tax returns.
Schedule regular study sessions to discuss course materials.
Share your understanding and learn from others' perspectives.

Create a Tax Return Checklist

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Develop a personalized checklist to ensure you don't miss any steps or information when completing your tax return.

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List all the necessary documents and information you need.
Outline the steps involved in completing the tax return.
Review and refine the checklist based on your experience.

Practice Filling Sample Tax Returns

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Gain confidence by working through sample tax return scenarios.

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Find sample tax return forms and instructions online.
Complete the forms using hypothetical income and expense data.
Compare your results with the provided solutions.

Review 'Tolley's Tax Guide'

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Consult a detailed tax guide for in-depth explanations of complex tax rules and regulations.

View Putting Knowledge to Work on Amazon

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Identify areas where you need more clarification.
Read the relevant sections in the tax guide.

Career center

Learners who complete Do your own UK Tax Return will develop knowledge and skills that may be useful to these careers:

Sole Trader

A sole trader operates their own business as an individual. As the name of the course is related to doing one's own tax return, this is perfect for a sole trader. This course teaches how to complete a UK self-assessment tax return, which is directly relevant to self-employed individuals. Sole traders are responsible for managing their finances and ensuring tax compliance. This course will help sole traders understand how to organize their financial information, report income and expenses, and submit their tax return to HMRC. One who wishes to enter this career field should take this course because it teaches how to manage a crucial aspect of their finances.

See salaries and explore the career path for Sole Trader

Tax Preparer

A tax preparer assists individuals and businesses with preparing and filing their tax returns. This course directly teaches how to complete a UK self-assessment tax return online. Tax preparers need to be proficient in navigating the HMRC website, inputting financial information, and understanding tax regulations. The course covers essential topics such as organizing tax-related documents, reporting various income types, and claiming allowances. This course helps to learn the practical steps involved in tax preparation. One who wishes to enter the tax preparation field should take this course because it provides a step-by-step guide to completing a UK tax return.

See salaries and explore the career path for Tax Preparer

Freelancer

A freelancer works independently, often on a contract basis, providing services to clients. This course teaches how to complete a UK self-assessment tax return, which is directly relevant to self-employed individuals. Freelancers are responsible for managing their finances and ensuring tax compliance. This course will help freelancers understand how to organize their financial information, report income and expenses, and submit their tax return to HMRC. The course is designed for individuals with straightforward businesses or income sources. One who wishes to enter this career field should take this course because it teaches how to manage tax reporting.

See salaries and explore the career path for Freelancer

Business Owner

A business owner manages and operates their own company. This course teaches how to complete a UK self-assessment tax return, which is directly relevant to self-employed individuals. Business owners are often responsible for managing their finances and ensuring tax compliance. This course will help business owners understand how to organize their financial information, report income and expenses, and submit their tax return to HMRC. The course is specifically designed for small business owners with straightforward businesses. One who wishes to run their own business should take this course because it teaches how to manage a crucial aspect of their finances.

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Contractor

A contractor works on a project basis, often as a self-employed individual. This course helps a contractor learn how to complete their own UK self-assessment tax return. As a self-employed individual, contractors are responsible for managing their finances and ensuring tax compliance. Taking this course will help contractors understand how to organize their financial information, report income and expenses, and submit their tax return to HMRC. It gives a step-by-step guide to completing a UK tax return.

See salaries and explore the career path for Contractor

Bookkeeper

A bookkeeper maintains accurate records of financial transactions. This course directly helps a bookkeeper gain a deeper understanding of the UK tax system and self-assessment process. Bookkeepers often assist small business owners with their financial record-keeping, and knowing how to prepare and submit a tax return can greatly enhance their service offering. This course teaches how to organize financial information, navigate the HMRC website, input various income types, and claim allowances, all essential skills for this role. One who wishes to enter the bookkeeping field should take this course because it demystifies the tax return process.

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Start-up Founder

A start-up founder is an entrepreneur who creates and manages a new business. Early in the lifecycle of a start-up, the founder must personally fulfill many roles including financial management. This course teaches how to navigate the UK tax system. The course provides insights into the tax return process, which can be beneficial for managing the company's finances. The course covers topics such as understanding income types and claiming allowances and relief. One who wishes to enter the start-up space should take this course because it helps demystify an important aspect of financial management.

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Tax Advisor

A tax advisor provides guidance and support to individuals and businesses on tax-related matters. This course helps those who are in the early stages of becoming a tax advisor, particularly if they plan to focus on individual tax returns and small businesses. The course will help a tax advisor understand the self-assessment tax return process, including how to organize financial information, report income and expenses, and submit the return to HMRC. One who wishes to enter the tax advisory field should take this course because it demystifies the tax return process.

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Small Business Consultant

A small business consultant advises businesses on various aspects of their operations. This course teaches how to understand and navigate the UK tax system. Small business consultants often provide guidance on financial management, and this course provides insights into the tax return process, which can be beneficial for advising clients on tax compliance. The course covers topics such as understanding income types and claiming allowances and relief. This course may be useful because it helps consultants understand the tax implications of business decisions.

See salaries and explore the career path for Small Business Consultant

Personal Finance Advisor

A personal finance advisor helps people manage their finances. This course may be helpful for personal finance advisors who advise UK residents. Understanding how to complete a tax return may allow advisors to better guide clients through their tax obligations. The course covers various aspects of the UK tax system, including income reporting, allowances, and reliefs. One who wishes to enter the personal finance advisory field should take this course because it may help them deal with tax-related topics.

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Financial Controller

A financial controller oversees the accounting and financial reporting of an organization. While a financial controller typically works with larger businesses and complicated finances that are outside the scope of this course, this course may be useful for those who work for smaller companies. This course provides a basic understanding of the self-assessment tax return. Such an understanding helps the controller manage their own self-assessment tax return. The course covers topics such as income reporting, allowable expenses, and tax return submission. This course may be helpful because it provides a basic overview of the tax return process.

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Accounting Clerk

An accounting clerk performs a variety of clerical and administrative tasks to support the accounting department. While accounting clerks generally do not prepare tax returns, this course may be useful for gaining a basic understanding of the UK tax system. Understanding the self-assessment tax return process can help an accounting clerk better understand the financial information they are processing. The course covers topics such as income reporting, allowances, and relief. This course may be helpful because it may provide some relevant context for their work.

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Auditor

An auditor examines and verifies financial records to ensure accuracy and compliance with regulations. While this course does not cover the complexities of auditing, it may be useful for auditors to understand the self-assessment tax return process from the taxpayer's perspective. This course provides insights into how individuals and small businesses prepare and submit their tax returns, which can aid auditors in their work. The course covers essential topics such as income reporting, allowable expenses, and tax return submission. This course may be helpful because it may provide context for the work of an auditor.

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Financial Analyst

A financial analyst analyzes financial data, prepares reports, and provides insights to help businesses make informed decisions. While this course does not directly deal with financial analysis, it may be useful for understanding the tax implications of financial decisions for small businesses and individuals. This course provides a basic understanding of the self-assessment tax return process. It covers topics such as income reporting, allowances, and relief. This course may be helpful because it may provide context for the work of a financial analyst.

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Finance Manager

A finance manager oversees the financial health of an organization. While this course does not cover all aspects of financial management, it may be useful for finance managers in small businesses or those who manage their own finances. This course provides a basic understanding of the self-assessment tax return process. It covers topics such as income reporting, allowances, and relief. Because the score is below 70, this course may be useful, but not essential.

See salaries and explore the career path for Finance Manager

Do your own UK Tax Return

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