Top Tips For Self-Assessment

Top Tips For Self-Assessment

The self-assessment deadline is coming up, so it’s wise to start work on your tax return as soon as possible if you haven’t already. Let’s take a look at some of the most important tips for self-assessment right now.

1. Take action now

If you take action too late, you may miss the deadline for filing your tax return. This means you could be met with costly fines and penalties, which can have a sizeable impact on your finances. If the reason you haven’t started work on your self-assessment yet is that you find the prospect too daunting, why not contact a professional accountancy service who can carry out much of the hard work for you?

2. Get your documents together

It will be much easier to file your tax return if you have all the relevant paperwork to hand. Over the financial year, it’s possible to amass a huge number of invoices, receipts, bank statements and other important documents.

3. Use accountancy software

The Government aims to ensure everyone is filing their tax return online within the next few years. Accountancy software can make digital filing so much easier. With cloud accountancy software, you can remain fully up-to-date with your current financial position 12 months a year, scanning important documents and adding them to your tax and accountancy portal within mere moments so you never need to worry about mislaid paperwork.

4. Make multiple checks

Mistakes on your tax return can be very costly, and you may be fined if you submit incorrect information. This is why it’s so important to ensure all the details on your tax return are wholly accurate. Try not to rush your way through your tax return as this will make mistakes more likely.

5. Make sure you can access the Government Gateway

You won’t be able to file your return online unless you have registered with HMRC. You’ll also need a Government Gateway login and your UTR or Unique Tax Reference. You can see this number on most of the correspondence you receive from HMRC. If your accountant is completing your tax return on your behalf, make sure they have the details that they require.

6. Use a reputable tax and accountancy service

You can remove much of the stress and strain from self-assessment and tax compliance by using a dependable tax and accountancy service. Whilst you won’t be completely freed from every tax-related duty, your accountant can carry out a wealth of tasks on your behalf whilst you focus on what you do best. At StriveX, we can come to your assistance whether you’re a sole trader, partner or director. We have vast experience in this area and do everything we can to ensure your returns are filed accurately and on-time.

We are waiting to hear from you if you require the services of a leading paperless accountancy and tax advisory firm. We offer access to all the major cloud accountant services, supporting businesses not only in Reading and surrounding areas but across the country.

About the Author

StriveX are Reading Accountants  which serves individuals, business owners and start-ups, helping them achieve the prosperity and financial clarity that you’re seeking. To find out more about arranging annual reviews with StriveX, get in touch with the team today.

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