Time is running out for your online Tax return. Each year thousands miss the deadline, which means you will have to pay a late filing fee, which is an automatic £100 fine. To stop this happening every year here are five tips to help you prepare and to complete your Self-assessment Tax return.
1 – Avoid the penalties
Did you know that if you file your return just one minute after midnight on 31 January, you could get an automatic £100 fine. Remember the longer you leave it the more the fines will escalate even if you do not owe any tax.
2- Remember to Plan early
Make sure that you start planning early and be aware of the deadline dates. If you’ve spent hours hunting the house for essential paperwork, fretting about long-forgotten savings accounts or worrying how you are actually going to pay the final bill, take steps now to avoid the same stress next year. Put those lessons into practice now to make life easier next year.
3 – What is a UTR number
Once you have registered with HM Revenue and Customs a UTR number which stands for Unique Taxpayer Reference is then allocated to you. The number is very important as without this number we cannot submit your online Tax Return. This usually takes up to 10 working days to receive from the HMRC. If you don’t know your UTR, or don’t have one, get one from HMRC in plenty of time, don’t leave it until the last minute!
4- What information do I need to provide.?
Finding the right information can be time consuming. If you are unaware what to send in to us here’s a list of some of the information you will need to provide us with.
• Bank statements
• Additional income Evidence of sales
5 – Keep checking
To save time for both you and us, make sure all the information you provide us is accurate as possible. Spreadsheets, for example, can be prone to errors, so be sure to check these over before you send them to us. Accounting software can help reduce errors and allow you and your and us to stay on top of your finances.
Pro tip: when it comes to financial records, make sure that you give records for the financial year in question. You’d be surprised how many people hand over information for the wrong year – it’s an easy mistake to make!
How we can help you
Tax returns can be very mundane, time consuming and stressful. We aim to help you through the process of managing your tax affairs in the most timely and cost-effective way. Please contact us on 020 8532 9843 or email: email@example.com to make your first free consultation.