Self-assessment deadline: Expert tips for filing your first tax return – and how to do better next year

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. File on time and avoid the fine This isn’t just for individuals filing a return, but businesses too - last week, HMRC said almost 3.4m people still needed to file their return for this year. However, the confusion around rules for side hustle income can lead to costly mistakes if people don’t realise they need to file a tax return,” said Louise Bastock, money expert at finder.com. “This means you can quickly and accurately input your income and expenses when it comes time to file.” Consider a separate account to keep track of what you owe For self-employed people or those who receive income from different places and different times of the month, one good way to ensure you don’t get a nasty surprise in your tax bill and struggle to pay it is to remove a portion of money from all incomings. Not only does this let you resolve any errors of issues quickly, but as Wilkinson points out, “you’re not only reducing that last-minute panic at the end of the year but also making your financial picture a lot clearer, meaning you can budget effectively.” Remember, the more robust processes you have in place to take care of your money during the year, the easier it will be to file your self-assessment tax return on time the following January - or even allow you to do it well before then!