It’s getting to that time of year, when there’s white fluffy stuff everywhere and everyone is throwing cash around, of course we mean piles of receipts and paying taxes because the deadlines for self-assessments are fast approaching. With this crucial time looming we’ve put together some tips for preparing and submitting your assessments.
1. Remember the deadlines
Depending on how you’re submitting your returns, your deadline may be different. For submitting online, you have until the 31st of January but if you’re planning on submitting a paper return, it’s the 31st of October so keep this in mind. It’s best to plan well in advance so try not to leave it until the last minute. Commit these to memory so you’re ready when they roll around as if you end up being late, this will incur penalties from HMRC. If you are planning on submitting online make sure you have an account and UTR number as this can take a while to set up.
2. Keep comprehensive and tidy books
The last thing you’ll want when it comes time to submit your self-assessment is having to dig through piles of messy and stained receipts. Ensure your records are kept tidy and organised ideally organised chronologically so you know what you bought or sold and when, you’ll thank yourself later for the small bit of extra work.
3. Remember to dig out all of your receipts
Receipts that don’t go on your return only cost you more tax. Remember to put through all of your business expenses. If you are a 20% taxpayer, then a missing receipt for £100 could cost you £29 in additional tax and national insurance. With payments on account that figure is £58 you’re paying. But don’t be tempted to put through receipts that are not business expenses!
4. Double and triple check
You don’t want to be caught out having made a mistake as this can incur additional penalties so it’s best to take your time and check everything thoroughly. Give enough time to make multiple checks if possible, most likely leaving a day in between so you come back with fresh eyes. Sounds just like being in school I know, but hopefully it’s one of the things you’ve learned in school that should come in handy.
We hope these tips are helpful when it comes time to file your self-assessments. But if you still feel like it’s a tedious job you’d rather not do, give us a call and we can take the burden off of your hands so you don’t have to worry. And all at a very reasonable price too.