8. Filing Your Own Tax Returns

There is nothing to stop you filling out your own tax returns. If your income is fairly low, say because you work only part-time, and your accounts are straightforward, it is probably safe to assume you will not save much by hiring an accountant.

The easiest option under these circumstances is to get the tax man to work out how much you owe, by filling out the forms provided by HMRC. You need to return these before 30 September each year.

If you decide to be your own accountant, you will generally find HMRC is happy to help and advise you on what you can and cannot allow against tax. You may also find that much of what is allowed is based on negotiation with the authorities, rather than any hard and fast rules.

It is also fairly simple to register with the Government Gateway (www.gateway.gov.uk) with a user name and password. You will get a PIN and then be able to complete your tax return online at www.hmrc.gov.uk. When you have entered all your details the program calculates the tax you owe. You can save the information and go back to it as often as you like if you need to change figures or add further details. Print it out and make sure you submit it by 31 January.