{"id":8253,"date":"2022-06-06T12:18:49","date_gmt":"2022-06-06T11:18:49","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=8253"},"modified":"2025-09-12T09:16:27","modified_gmt":"2025-09-12T08:16:27","slug":"tea-talks-tax-fears-and-how-to-solve-them","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/blog\/tea-talks-tax-fears-and-how-to-solve-them\/","title":{"rendered":"Tea talks tax fears and how to solve them"},"content":{"rendered":"\n

When you\u2019re newly self-employed, tax is one of the big unknowns that can send you into a fluster. It\u2019s very normal to put it off but it\u2019s not a great idea. <\/p>\n\n\n\n

Leaving your taxes to the last minute means that you\u2019ll end up scraping around to find the dates of your income and expenses – and that can be pretty stressful.<\/p>\n\n\n\n

Once you understand a bit more about tax, or you\u2019ve done your tax returns a few times, it can be easy to forget how intimidating it was when you were first confronted by the responsibility. At Taxfix, we live and breathe tax, so we wanted to chat with someone who was coming at it for the first time this year. <\/p>\n\n\n\n

Tide Adesanya – Tea – was that person exactly. <\/p>\n\n\n\n

Tea spills the tea on tax<\/h2>\n\n\n\n

Tea is a freelance content creator, artist, influencer, co-founder and all-round intimidatingly driven twenty-something. This year was the first year that she had to do a tax return. When we first spoke, she told us that she didn\u2019t have too much clarity on what was needed and when. <\/p>\n\n\n\n

\u201cThe whole tax industry has an intimidating atmosphere.\u201d<\/em><\/p>\n\n\n\n

And despite the fact that her dad is a certified accountant, the tax space is so vast that she felt a bit lost with the whole process trying to navigate it on her own. Enter Taxfix. We offered Tea a gifted tax return in return for her honest feedback of her experience. Check out the post if you\u2019re interested in what she thought here<\/a>.  <\/p>\n\n\n\n

\u2018Twas a dark and stormy night<\/h2>\n\n\n\n

Following her tax return, we thought it would be good to hear from Tea about what scared her most when it came to doing her taxes for the first time. True to form, she\u2019s created a funky video talking through three big fears and what she did to solve them. <\/p>\n\n\n\n

Give it a watch here, and see if you can relate?<\/p>\n\n\n\n

\nhttps:\/\/youtu.be\/uSZyvSTnces\n<\/div><\/figure>\n\n\n\n

Taxfix\u2019 two cents<\/h2>\n\n\n\n

Tea isn\u2019t alone. Those are common fears and part of the reason that so many self-employed newbies procrastinate. To add to Tea\u2019s advice, we\u2019re giving you five tips to help anyone else putting off doing their 2023\/24 tax return, or even to get you prepped for next year.\u00a0<\/p>\n\n\n\n

1. Get it on a spreadsheet<\/h3>\n\n\n\n

Whatever your thoughts on Excel or Google Sheets, they are your friends when it comes to taxes. As we said, you don\u2019t want to get to January and then have to go back over the entire tax year<\/a> (6th April – 5th April) to find each time you were paid or spent something on your business. <\/p>\n\n\n\n

This can cause a lot of stress and you\u2019re more likely to miss something with this method. Instead, you can create a spreadsheet for each tax year, and split into monthly tabs. Have one for your income, one for your expenses. Every time you spend\/earn something on your business, put it into the spreadsheet and by the end of the year, you\u2019ll have everything in one place that you can upload yourself or just hand to your accountant. <\/p>\n\n\n\n

3. Open a business account<\/h3>\n\n\n\n

This makes things even easier. If you open a business account (there are loads of free options) and use it only to spend and earn on your business, this will help you keep your personal and business spending separate. So when it comes to creating your spreadsheets, everything is in one place from the start.<\/p>\n\n\n\n

3. Remember the deadlines<\/h3>\n\n\n\n

There are various deadlines to get to know in the tax year:<\/p>\n\n\n<\/div> \n\n

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