Submitting Your Self-Assessment Fast This Christmas
Christmas is a popular time for submitting Self-Assessments to HMRC ahead of the 31 January deadline.
Last year, 16,000 people submitted their tax return online between 24 and 26 December. This included more than 2,500 submissions on Christmas Day and almost 7,700 the day after on Boxing Day.
More than 17,000 people also submitted their Self-Assessments on the New Year’s Day bank holiday.
If you are planning to complete your Self-Assessment over the festive break, you don’t want to spend too long away from the family, food and drink.
Fortunately, there are ways that you can speed up the Self-Assessment process so you won’t miss too much of the merriment.
Here are our top tips for a speedy Self-Assessment
Use cloud accounting software
When you update cloud accounting software like FreeAgent and Xero, the software will keep track of your Self-Assessment liability. Your accountant can then prepare and calculate your tax return in the most tax efficient way. This will help you to save on tax and then send to you for approval.
Gather all your income information
Cloud accounting software allows you to record all of your income information directly into the system, so it will all be there when it comes to tax time. If you don’t have cloud accounting software, then you will need to look back through old invoices and any other sources of income to make sure you haven’t missed anything.
Take photos of receipts
You need to record expenses and keep them for up to five years after you submit your Self-Assessment in case HMRC launches an investigation. The old way of doing this was to keep the receipts safe in a plastic bag somewhere. But now you can take photos of all your receipts so you can look through them quickly and keep them safe. Cloud accounting software like Xero and FreeAgent allows you to do this straight from a mobile app, quickly and simply.
Get help from an accountant
Sometimes, the slowest thing about filing a Self-Assessment is when you get stuck or don’t understand something. This is where getting help from an accountant really helps. Accountants have worked on hundreds if not thousands of Self-Assessments. They have seen everything before and can also give you advice on ways that you might be able to reduce your tax liability.
Used simplified expenses
Simplified expenses allow you to calculate some business expenses using a flat rate, instead of working out the individual costs if you are a sole trader. You can use flat rates to claim back business costs for vehicles, costs associated with working from home and costs associated with living in your business premises.
For more help with your Self-Assessment, speak to one of our Cloud Accountants today. Call: 0808 281 0303 or visit www.cloudaccountant.co.uk