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)
- 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.
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