How to limit your tax return stress

How to limit your tax return stress
1000 500 Balazs Szekely

Unless you’ve already filed your tax return, you’re probably starting to feel the stress of the January 31st self-assessment tax deadline approaching.

Although completing your self-assessment tax return may seem like a monumental task, it’s a painless process if you follow a simple plan and have all your documents ready.

Once you complete your tax return, you’ll feel a weight off your shoulders. Our friends at GoSimpleTax were kind enough to prepare a step-by-step guide so you know what you need to do.

1. Gather all your documents

Don’t delay getting the required documents and data together. Here’s a handy checklist you can use to make sure you avoid any unnecessary delays:

Self-assessment tax return documents checklist

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

 

Tip: If you have an accountant or bookkeeper filing your return, ask them to sign and register the 64-8 form as soon as possible. This will make them officially recognised as your agent by HMRC, so they can act on your behalf.

2. Know what you need

In addition to the documents in the checklist above, you might need to provide some extra information.

Perhaps you have a student loan, or you or your partner are claiming Child Benefit – there are countless scenarios that could affect how much tax you need to pay.

Check if there’s anything that’s not on the list and make sure to include it in your self-assessment.

3. Be aware of possible penalties

Submitting late and missing payments come with penalties, so be aware of these and make sure to avoid them.

4. Check for mistakes now

Once you’ve gathered all your information, check if you’ve missed anything or made an error.

You’ll want to guarantee that everything adds up and you haven’t excluded any crucial information.

5. Minimise errors with tax software

You can reduce the chances of making a mistake using self-assessment tax return software. It takes all the admin work off your hands, and ensures the numbers are correct.

Using the GoSimpleTax Self Assessment tax return calculator you can track your tax liability in real-time, log your expenses on the go, and submit directly to HMRC.

The app helps you identify opportunities to reduce your tax liability if you qualify for certain allowances, and allows you to review your pension contributions and investments.

The app is officially recognised by HMRC and it gives you tips to help claim all your allowances and save money by avoiding any penalties.

If you’re a Splend member, you’re eligible for a 30% discount. You’ll receive an email with a discount code and instructions on how to claim your discount once you sign up.

 

About Splend

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Make an appointment at our Member Support Centre at 393 Edgware Road Cricklewood, London, email us, or say hello on 0333 016 4331

AUTHOR

Balazs Szekely

Maker by nature, writer by profession, and a petrolhead at heart, Balazs is our very own content creator who brings Splend’s voice to life. He’s been a wordsmith his entire career, having seen it all from the print media to radio through online publishing and marketing copywriting. He’s fascinated by things he has yet to fully understand such as photography, ice hockey, and the bizarre art of aquascaping. In his free time you may find him mixing up cocktails for his friends or away from home on a city break. Drop him a line at balazs.szekely@splend.com

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