Find Self Assessment Frightening? Here’s 3 Ways to Make it Less Scary…
Tax. Scary thought, isn’t it?! Have I paid enough? Did I do my tax return right? Are HMRC going to be hammering my door down for unpaid tax?
For last year’s round of Self Assessments, 735,258 people submitted their tax return on the deadline day, with a further 731,186 tax payers missing the deadline altogether. That’s over 1.4 million people who were completely in the dark about what tax they had to pay until it was actually due for payment. Plus, those who missed the deadline faced a minimum penalty of £100 which increased the longer it took them to submit it! Do you really want to give the tax man more of your hard-earned cash?
Of course you don’t, so here are my top three tips for making your Self Assessment less scary and saving you money in the process:
Top Tip 1: Don’t panic, but don’t leave it until the last minute either.
I know it’s easy to worry about the tax man but really, all they want to know is three things:
- What money have you earned?
- What tax have you already paid?
- How much do you need to pay?
You have nine months from the end of the tax year to complete the tax return and pay any tax due (the deadline date is the 31st January each year), so as long as you’re organised, and decide in good time whether or not you want to do the tax return yourself or get some help, there’s no reason why you should get on the wrong side of the tax man.
The earlier you get your tax return completed, the sooner you will know how much tax you need to pay, so you can make sure you have enough time to have the money put aside for your tax. If you leave it until January and the tax you need to pay is significant, you’ll have little time to get the money together if it isn’t readily available. It’s better to know in advance than get a big shock just before payment is due, isn’t it? Trust me.
Top Tip 2: Be clear on what should, and shouldn’t, be included.
You should assume that any income that you have received in the tax year, which runs from the 6th April to the 5th April each year, will need to be included. You’ll also need to include some benefits payments and any bank interest. If you’re self employed, make sure you include any income and expenses for this.
Did you know that you can get tax relief for any charitable donations you have made or personal pension contributions? If you have made either of these types of payments, include these on your Self Assessment and you may pay less tax.
Top Tip 3: Save yourself the stress and get someone who knows what they’re doing to complete it for you.
Get a professional to complete your Self Assessment for you, so you can have peace of mind that they’ll know exactly what to include and how to understand the jargon on the tax return. They can advise you on what you need to provide them so they can complete the return for you.
Adamson Virtual Assistant Solutions Ltd can give you that peace of mind by completing your Self Assessment for you. Whatever your circumstances, we can offer you an accurate, personalised, value-for-money service that will ensure that the tax man is happy and so are you.
Contact us today to take advantage of our introductory offer of £300 per tax return, or £100 if you sign up to one of our monthly book-keeping packages, which would include any future tax returns for free.
Let us handle the tax man, whilst you handle your business.