It’s a well-known fact that the dreaded online tax return deadline is looming. If you don’t know where to start or you’re worried about how much tax you owe, you’re not alone. However, there is light at the end of the tunnel – by following these simple last minute Self Assessment tips it is possible to take the trauma out of tax.
- Get everything in order
Put together a list of everything you’re going to need to complete your tax return. Then gather everything up to prevent a scramble to find the information when you need to. So this is likely to include all your necessary statements of accounts, receipts, bills and invoice details.
- Split it all up
Knowing exactly what to include is often the biggest obstacle when it comes to filing your Self Assessment. If you’re a first-timer you’re likely to be unsure about what to include, which leaves you prone to making errors. Tackle the different parts of your Self Assessment one piece at a time. Doing so should limit mistakes and also help reduce boredom.
- Ask for help
If Self Assessment has you puzzled remember don’t be shy – reach out if you need help. There’s a wealth of information on the web to guide you through the process. For example, HMRC offers help through various resources like their website, webinars, Facebook and Twitter.
- Triple check everything
Remember to leave some time aside to thoroughly check your submission for mistakes. Incorrect figures and even spelling errors can have an impact on your return, so triple check everything.
- Use accounting software
Cloud accounting software lets small businesses to simply and easily manage their accounts and keep accurate records. Using accounting software with a Self Assessment module built in, like KashFlow, means that come tax season, everything needed for Self Assessment is easy to produce and access. Very soon all tax will need to be managed with an app or accounting software like KashFlow as part of HMRC’s ‘Making Tax Digital’ directive. By adopting cloud accounting software now to help with your digital record keeping won’t just save you a lot of time in the long run, but it will also save you heaps of hassle.
KashFlow is simple bookkeeping software that works for small businesses, without using confusing jargon or complicated processes. You can manage your business finances from anywhere and create professional, branded quotes and invoices in minutes. For a free no-obligation 1-2-1 demo just call the KashFlow On boarding team on 0844 815 5779.