What to do at the end of the tax year for self-employed.

The end of the tax year is here! I'll keep it short and simple. I'm a strong believer in the power of preparing early. Organise all your paperwork early this year, and make sure there is enough information available in your records, so that when you get to filing the self-assessment, you will not be surprised by missing documents or simply forgetting important details about some of the transactions you have made.

1. Check if you have all your records, invoices and other financial documents for this tax year.

2. If you are missing any documents, try to get hold of a copy.

3. Make sure all major transactions - like any big spending or any major sales contract are well documented and recorded.

4. Check that you have recorded all details of any capital investment that you have made this year.

5. Put all your records, sales and purchases invoices and receipts together in one file, separate them by category and then monthly - it's going to make your life easier once you start preparing your tax return.

6. Collect all the documents regarding your personal, non-trading income (like a salary from employment, or rental income) and put it in a separate folder to avoid confusion.

Deadlines to keep in mind:

Submitting online self-assessment: 31 January 2022

Submitting paper self-assessment: 31 October 2021

Registering as a new business if you have started trading in this tax year: 5th October 2021

Tax payment: 31 January 2022