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How To Limit Your Stress This Tax Return Deadline

How To Limit Your Stress This Tax Return Deadline 1Dreading January? As a self-employed sole trader, we’re going to guess that’s a yes – unless you’ve managed to file your Self Assessment tax return already…

Getting this monumental task completed early is no mean feat. But it is possible to get through the tax season without experiencing a stressful sprint to 31st January.

Here, Mike Parkes from GoSimpleTax explains how.

Gather all information soon
Don’t delay get the required data together now. Make a checklist such as the one below to ensure you have everything avoiding unnecessary delays.

Documents/Information    
National Insurance Number    
Unique Taxpayer Reference number or UTR    
Business/partnership name, address and company number if relevant    
P45    
P60    
P11D    
The business’s annual income and expenditure    
Income earned from other employment    
Any rent they have received    
Interest paid on loans, credit cards or other credit    
Income from overseas    
Income received from a partnership    
Any dividends received    
Benefits received either from the state or an employer    
Capital gains received    
Gift Aid received    
Pension contributions    
Tax payments they have already made this year (payments on account)    

If you have an accountant or bookkeeper filing your return ask them to sign and register the 64-8 form earlier rather than later. This will make them officially recognised as your agent by HMRC, and able to act on your behalf.

Know what you need

You have your checklist of standard data required, but you may require extra information.

Perhaps you have a student loan. Maybe you (or your partner) are claiming Child Benefit. If there’s the slightest possibility your circumstances will affect how much tax you need to pay, you should be aware.

Be aware of possible penalties

Submitting the Self Assessment late comes with penalties, so be aware of these and know how you will need to provide all the necessary data to ensure they avoid them.

Check for mistakes now
It’s possible that, when you have gathered your information together, you may have missed something out or made an error.

So, once you’ve collated everything you need look at it as soon as possible. You’ll want to guarantee that nothing doesn’t quite add up or has been excluded.

Minimise errors with tax software

The chances of any mistakes can be reduced through Self Assessment tax return software. It will take all the administrative work off your hands, ensuring the numbers are correct.

Think ahead for Making Tax Digital

With MTD over the horizon begin converting to a software such as GoSimpleTax and utilise their income tax calculator and submission tool for your business. Giving you full visibility of your tax liability in real time whilst giving and reviewing your pension contributions and investment opportunities.

About GoSimpleTax

GoSimpleTax supports the self-employed and sole traders all over the UK to file accurate Self Assessment tax returns. You’ll be able to do so quickly as well – their software automatically calculates income, expenditure and tax owed in real time, and from a variety of devices.

A Festive Discount for You

Try their 14 day free trial today with no credit card required. Upon sign up to the trial you will receive a 15% discount code.

Source: GoSimple Tax

Author: Amanda Swale

Date: 18th of December 2019

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