Financial journalist Rachael Revesz gives her advice on filling out a tax return as a freelancer, contractor or someone who is self-employed.
We’ve all heard the old adage about the only certainties in life being death and taxes. It sounds a bit miserable. But if you record your income and your expenses as you go, and make your spreadsheet as colourful as possible, it doesn’t have to be a major headache.
Taxes, like everything else, are a learning curve – especially when you’re a contractor, self-employed or you’ve set up your own business. When it came to filling out my first self-assessment tax return nice and early last year I smugly thought I’d done a good job with it. But actually, it’s the same thing as when I handed in my first university essay two weeks before the deadline and was told to re-write it: being early isn’t the same thing as doing it properly.
Here’s what I wish I’d done the first time round: