“Nice!” yes, Tax Return’s (self-assesments) can be ‘nice and easy’.
Too many of us fall into the ‘leaving it until the last minute’ trap and end up dashing around looking for receipts, building society statements, dividend receipts, expenses, donations to charity and more. If you are self-employed and also need to submit your income & expenditure figures you could be in for a bit of a panic.
HMRC’s deadline for online submission is 31st January and if it is not in you get a nasty fine, starting at £100 You also need to pay any tax due by this annual cut-off. All this can be easily avoided.
So, ‘nice and easy’ happens when you change a habit of a lifetime. How about putting aside a folder that collects all the bits of information your bookkeeper or accountant will need during the year. Set yourself a reminder to call your accountant or bookkeeper sometime in May/June of every year when you should have received everything you need for the year to 5th April and hand it over.
A decent certified bookkeeper who is able to complete a self-assessment can put all of this together for you and even your accounts and then file your Tax Return early – wow!
The benefit of filing a Tax Return early is that you’ll know exactly how much tax you’ll need to pay with plenty of notice and New Year’s will be clear of all that dashing around.
Find a good qualified bookkeeper, a large folder, change a habit and set an alarm – easy.
If you need any advice regarding your business, accounts and Tax Returns, feel free to get in touch, we’ll be happy to help.