Getting your tax return done doesn’t need to be painful. Here are my four favourite tax return tips which can make it easier for you.
1. Get it done now!
Getting it done now is my first top tax tip! There are 3 main reasons for this:
- Firstly, you know where you are in terms of how much you owe.
- Secondly, you have more time over which to spread the costs of your tax bill, and;
- Thirdly, you know it’s done and dusted and don’t have worry about it over Christmas!
2. Do it online
The deadline for paper returns is October 31st so the only way to do it before the January deadline now is online. This isn’t something for you to worry about and filling in a paper return can take a lot longer anyway. It can also be more labour intensive. Doing it online is usually quicker and, often, more efficient.
3. Get Organised
Make sure you have all your paperwork ready and in order. You’ll need documents such as:
- bank and credit card statements,
- paying-in books, and
- invoices and receipts.
4. Get support from a Licensed Accountant
If you’re not confident about preparing and submitting your self assessment tax return or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time. Mistakes can be costly. As can missing the deadline.