SELF ASSESSMENT DEADLINE IS FAST APPROACHING – Here are some tips!

If you get an email or letter from HM Revenue and Customs ( HMRC ) telling you to send a return, you must complete your SA100 – even if you don’t have any tax to pay!

Do not ignore it!

Contact us today, we are here to help.

Self-assessment tips

Before you start, do you have everything you need? The SA100 has several sections and HMRC will only send those sections that it thinks apply to you. Check if you need extra pages to give details of other sources of income. You can get more information by going to https://www.gov.uk/government/publications/self-assessment-tax-return-sa100

Other suggestions include:

  • Report everything you’ve earned: As a self-assessment taxpayer you need to report everything you’ve earned over the tax year.  This includes Income from employment, self-employment, income from property and interest/gains on your savings and investments.
  • Don’t leave it until the last minute: Once you have gathered all the necessary paperwork, put aside a day to go through the forms. The biggest mistake most people make is forgetting to sign the form before sending it off.
  • Keep accurate records: If you face a Revenue enquiry you will have to produce evidence that your tax return is correct. Around 1 in 20 returns will be subject to further investigation, ensure your SA100 is accurate!
  • Don’t throw your records away: Taxpayers must keep records for at least a year after filing. Self-employed or business owners must keep records for six years.
  • Do not round-up figures: HMRC have said this can indicate that a person’s affairs have not been properly maintained and could trigger a further enquiry.
  • Deduct all eligible expenses: HMRC allow individuals to take into account certain costs, such as student loan repayments and personal pension contributions. Are you claiming enough, or too much?
  • Start saving now: Don’t forget that you may have to pay half of this tax year’s bill as a payment on account on 31 January (i.e. the same time as you pay your 2016-17 tax bill).

Why not avoid the stress, contact us today and arrange for Tax & Financial to complete the SA100 for you.  Whether your receipts are in plastic bags or you have everything organised in excel, we can tailor a package to take the hassle out of tax.

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