Efficient Self-Assessment Tax Filing: Professional Help and Tips

Who knows filing your self-assessment tax return can be a long, tedious and indeed a complicated process, but if well planned and with the assistance of a professional, it can be done to your advantage. Here are some important tips and idea regarding how to get the best out of your self-assessment tax filing. 

 1. Understand Your Filing Obligations 

 Before going through the formulation of the filing process it is crucial to understand whether one requires filing the self-assessment tax return. You’re required to file if you fall into any of the following categories:You’re required to file if you fall into any of the following categories: 

 Self-Employed or Sole Trader: You will be expected to declare your income and expenditure. 

 Company Director: It need to be filed by directors of limited companies as a rule. 

 Receiving Untaxed Income: One of the essentials declares about income from house property, income from investments or from any foreign source. 

 High-Income Earner: Those receiving income over £100,000 also need to fill it and those affected by the High Income Child Benefit Charge. 

 2. Maintain Your Records Correctly During the Year 

 An important requirement for a proper filing of self-assessment tax return is keeping record throughout the year. This includes: 

 Income Records: Make payment schedules of all form of income receivables like invoices, bank statements, and payslips among others. 

 Expense Receipts: Sort the receipts for expenditures to be incurred for business as these are allowed as business losses. 

 Bank Statements: These can be employed to balance the source of income and expenditure. 

 Previous Tax Returns: Bring the return filed for the previous year with you. 

 3.Advantage of professional help 

There is no need to make things difficult than they are you should take advantage of professional help. 

 If your tax situation is complex, or if you simply want to ensure accuracy, consider seeking professional help:If your tax situation is complex, or if you simply want to ensure accuracy, consider seeking professional help: 

 Hire an Accountant: An accountant will advise you on matters concerning tax, assist to ensure that appropriate deductions that you are entitled for are claimed and assist in filing of your tax return. 

 

 4. Maximize Deductions and Reliefs 

 Knowing which deductions and reliefs you’re entitled to can significantly reduce your tax bill: Knowing which deductions and reliefs you’re entitled to can significantly reduce your tax bill: 

 Business Expenses: Any expense incurred in the course of the business and of specific amounts which relate purely to the business should be deducted from the income. 

 Charitable Donations: Remember to reclaim Gift Aid on any donations that were made. 

 

 5. Stay Ahead of Deadlines 

 Avoid penalties and interest by staying on top of important deadlines:Avoid penalties and interest by staying on top of important deadlines: 

 Register for Self-Assessment: First time filer? Be sure that you have registered with HMRC on or before the 5th of October in the following tax year. 

 Paper Filing Deadline: If by paper, the filing is done on or before 31st of October. 

 Online Filing Deadline: The online filing is possible until 31 October with a possibility of an extension of the deadline up to January 31. 

 Payment Deadline: Pay your taxes before 31 January to avoid being charged with the late fees. 

 6. Payments 

Here are some tips on how to wisely address the Payments on Account ; 

 If your last tax bill was over £1,000, you might need to make payments on account:If your last tax bill was over £1,000, you might need to make payments on account: 

 Advance Payments: These are payments towards the tax help for the next year due on 31 January and 31 July respectively at the current rate of tax. 

 Reduce Payments: If you anticipate that your income will be lower in the future, then you can apply for reduction of compensations on account to grant not to overload you. 

 7. Double-Check Before Submitting 

 It is very important to get the figures right when completing your self assessment tax return. Before submitting: 

 Review All Entries: Virtually ensure that all incomes, expenditure credited, and reliefs are accurately inputted. 

 Check Calculations: Check that all the calculations made are correct especially where you have done those calculations manually. 

 Submit Early: Applying early lets you fix any errors that may have been made, and reduce a lot of undue pressure at the last minute. 

 8. Plan for Future Filings 

 After filing, take steps to make next year’s process easier: After filing, take steps to make next year’s process easier: 

 Organize Your Records: It belongs to your workflow to organize records of income and expenses as they arrive. 

 Review Tax Strategy: One might want to refer to its current tax strategy, and possibly reconsider it, in a view of the approaching year. 

 Budget for Tax: Save some amount of money prepare for the next tax. 

 Conclusion 

 In order to do a tax return efficiently one needs good records, an awareness of the time limits and the use of the facilities available. Whether you are getting professional assistance or you are trying to do everything on your own, proper organisational skills and concerns will enable you to file perfectly and on time to meet the guidelines of HMRC and to pay as little tax as possible. 

 

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