New Tax Year To Do List (UK Freelancers)
Happy new tax year, fellow self-employed folks! Here’s a short guide on what you need to do to prepare for the upcoming financial year to make sure you’re organised and ready for when HMRC come knocking at your door.
If you’re very new to taxes - don’t worry, I’ve made a free/pay what you can guide to doing your taxes as a creative freelancer which you can get here!
What is a tax year?
Each tax year ends on 5 April and begins on 6 April! As a freelancer, you're responsible for filing your own taxes. They're due on 31 Jan the next year, where you'll file the year gone, not the one we're in.
FOR EXAMPLE:
On 31 Jan 2024, you'll need to submit the tax year between 6 April 2022 to 5 April 2023
We're now in a new tax year which started 6 April 2023 and will run till 5 April 2024. This tax year won't be owed until 31 Jan 2025.
Ages away, right?
But that's why it's important to be organised NOW so you're not having a meltdown in the future!
Set up your inbox
Create folders or tags marking your emails to track:
Donations to charities
Expenses
Income
2. Make a new year in your invoice tracker
Move anything that hasn't been paid yet into the new tax year. You can set up a new year in your tracker to look like this!
Templates are available in the guide on my ko-fi!
3. Make a new year in expenses tracker
Create a new section for this tax year's expenses. Keep track of the evidence and your receipts!
And that’s pretty much it! You’ll be thanking yourself in over a year’s time when you don’t have to scramble around trying to find everything you need.
If you’re still stuck, I've made a full guide on how to do taxes as a creative freelancer which is free or pay what you can! You can get it here!
