For any of you that are self-employed, then you will know that now is the time to be sorting your tax return from the previous financial year. The deadline of 31st January does feel like a long way off. But with Christmas and New Year celebrations, January will be here in no time at all. So here are some tips for sorting your tax return, so that you don’t miss the deadline and don’t get a fine. Have you done yours yet?
As has been said, the end of January is when it needs to be submitted and paid for. So there is no time like the present to get on and pay for your tax return. Over the year you should have a record of how each month has gone, from income, outgoings, and expenses. When you do it like this, it will be much easier to collate and then to complete your return. If you’ve forgotten your details, then starting now is also a good idea, as it can take several days to get new login and password details.
Have Your Documents Ready
If you are employed but still have to do a tax return, then having your P60 handy is going to make things much easier. If you’re self-employed, then as mentioned above, make sure that you have your documents from across the year to hand. You will also need receipts and copies of anything that you are going to claim as a business expense. If you work from home, you can claim a certain percentage back from your household bills like electricity and the internet. How much might be something you need to get the help of accountants for, but it can also depend how big your business or self-employment work is. You will need copies of your bills to show that what you’re claiming back is the right percentage.
If you have savings and accounts where you keep your money, then you will also need to have those details. Interest on things like that also needs to be declared in your tax return.
Don’t Forget To Pay
You may get your tax return all filled out and get the final sum that you need to pay. But if you don’t pay right there and then, then you need to make sure that you don’t just forget to do it! Even if your return has been filled in before the deadline, if it hasn’t been paid, then you will still get the fine. So allow yourself plenty of time to actually login or call up to make a payment for any tax that you owe.
Get a Confirmation Code
Before you log out or finish what you are doing, make sure that you take screenshots and get a confirmation code. If anything was to go wrong on HMRC’s end, and you’ve got details of what you have done and that things have been submitted, then it will make any issues much easier to resolve.
Have you done your return yet?