How to Handle Self-Assessment Stress During Tax Season

Tax season can feel overwhelming, especially when it comes to completing your self-assessment tax return. In this blog, we’ll explore practical ways to stay organised, reduce stress, and ensure you meet HMRC deadlines without a hitch. Remember, Helpbox is here to assist you every step of the way.

How to Handle Self-Assessment Stress During Tax Season

When January rolls around, so does the looming HMRC self-assessment deadline. Many small business owners, freelancers, and self-employed individuals feel the pressure to get their tax returns submitted correctly and on time. But fear not—there are plenty of ways to ease the stress and approach your self-assessment with confidence.

Here’s how to handle self-assessment stress and make tax season a little less taxing.

1. Start Early (Even If It’s Mid-January!)

Procrastination is a major source of tax stress. If you haven’t started your self-assessment yet, now is the time. Break the process into manageable steps, such as gathering your documents, calculating income and expenses, and entering data into the HMRC system.

Pro tip:
Set aside an hour or two each day to tackle one task at a time. This will help you avoid a last-minute scramble.

2. Stay Organised with Your Records

A common source of stress is disorganised paperwork. Keep all relevant documents, such as income statements, expense receipts, and bank records, in one place. Ideally, use accounting software or a spreadsheet to track everything throughout the year.

If your records are in a shoebox under your desk, take a deep breath and sort through them one at a time. Organisation now can save you hours of frustration later.

3. Know Your Deadlines

The key deadlines for self-assessment are:

• 31st January: Online submission and payment of tax owed.
• 31st July: Payment on account for the next tax year (if applicable).

Missing deadlines can result in penalties, adding unnecessary stress. Mark these dates in your calendar and set reminders to stay on track.

4. Take Advantage of HMRC Resources

HMRC provides online tools and resources to guide you through the self-assessment process. From tax calculators to step-by-step guides, these can help clarify any confusing sections.

But if you’re feeling overwhelmed, remember that you don’t have to do it alone—Helpbox can assist you in navigating the process and ensuring accuracy.

5. Avoid Common Mistakes

Errors in your tax return can delay processing and lead to penalties. Watch out for these common mistakes:

• Missing income sources (e.g., rental income or freelance gigs).
• Claiming incorrect expenses.
• Failing to declare untaxed income, such as dividends or savings interest.

Double-check your entries, and if in doubt, contact us for expert advice.

6. Get Help When You Need It

You don’t need to tackle self-assessment alone. If the process feels overwhelming or you’re unsure about certain sections, reach out to Helpbox. Our team can review your tax return, help you claim the correct allowances, and ensure everything is submitted on time.

Remember: Investing in professional support can save you time, stress, and potential penalties.

7. Practice Self-Care

Tax season stress is real, but it’s important to take care of your mental and physical health during this time.

• Take regular breaks while working on your tax return.
• Stay hydrated and eat well.
• Get a good night’s sleep to stay focused.

If anxiety sets in, remind yourself that help is available and that you’re making progress.

8. Plan Ahead for Next Year

As soon as this year’s self-assessment is submitted, take steps to make next year easier. Consider:

• Setting up a dedicated account for tax savings.
• Using accounting software to track income and expenses.
• Regularly reviewing your finances to stay on top of things.

This forward-thinking approach can significantly reduce stress when the next tax season arrives.

How Helpbox Can Help

At Helpbox, we specialise in simplifying self-assessment for small businesses and self-employed individuals. Whether you need guidance on allowable expenses, help with HMRC submissions, or just a friendly expert to take the reins, we’ve got you covered.

Visit our blog at Helpbox UK for more tax tips, or get in touch with us today to discuss how we can support you.