Filling out your self-assessment tax form can be a daunting task but if you are organised and prepare correctly then you can avoid any headaches or penalties. Below are five tips for filing your self-assessment tax form.
For some people, the thought of filling a self-assessment tax form can be filled with dread. So, the best solution is to hire an accountant who can do the job for you. Accountants will understand about all the deductions you can make if you are a freelancer or own a small business. Did you know that if you work from home you can claim a portion of your utility bills including internet usage? There can be a lot to consider, so to make sure you are claiming everything you are entitled to by hiring an accountant.
Another important tip is to make sure that you are registered with HMRC first before you start filling in your self-assessment tax form. You do not want to encounter any problems further down the line. If you are starting a new business venture there are a lot of things to do such as organising marketing material and place of business, etc. But if you do not register with HMRC first when it comes to the tax year-end you could find yourself in trouble.
You have got to be organised when it comes to filling a self-assessment tax form as you meet the deadline on time. October 31st is the deadline for filing a paper tax return. However, most people will do theirs online and the deadline for that is January 31st which is also the date that you should pay any tax that you owe. So, do not ignore the deadlines before it is too late – highlight them in your calendar and diaries now and set online alerts so that you will not forget.
One of the most important things to remember when filing your self-assessment tax form is to include everything. HMRC are incredibly strict about this. Sales from an Etsy shop or even anything you sell on eBay all needs to be recorded. Basically, if your income for the tax year exceeds £1,000 then you will have to file a tax return.
Throughout the year prior to filing your tax return, you need to get into the habit of keeping receipts and track of your expenses. One great tip to open a bank account that is purely for your tax money. This way you know not to touch it and you can keep track of everything going in. It needs to be your goal to keep hold of everything, even if you do not think it is important you may require it later.
If you are struggling with your tax return then the team at The Stan Lee can help. Get in touch with them today and find out how they can help take the stress out of your self-assessment tax form.
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EXCELLENT Based on 36 reviews Lucrezia Zanin2024-04-25Trustindex verifies that the original source of the review is Google. Thanks to Muhammad who has been guiding me through any tax question I had and helped with my yearly return. Highly recommended! Lauren Le Franc2024-03-21Trustindex verifies that the original source of the review is Google. Professional, sound advice and diligent. Helped with VAT, PAYE and general accounts. Great service. Pinku Goswami2023-10-13Trustindex verifies that the original source of the review is Google. Good and excellent service Gavin Ballack2023-10-12Trustindex verifies that the original source of the review is Google. Very Efficient and Effective Accountant. Solaiman has excellent communication and his been working with us for over 2 years. Highly Recommended!!! adnan ahmed2023-10-09Trustindex verifies that the original source of the review is Google. I must express my utmost satisfaction with the level of professionalism, expertise, and dedication demonstrated throughout our engagement. I wholeheartedly recommend Stan Lee to anyone seeking not just an accountant, but a financial adviser who is dedicated to the success and well-being of their clients. Aslihan İbrahim2023-10-02Trustindex verifies that the original source of the review is Google. Güvenilir, dürüst ve iyi servis. Kendisi ile çalışmaya başladıktan sonra işlerimiz daha verimli ve doğru bir şekilde yönlenmeye başladı. Kesinlikle tavsiye ederim. Hamza Khan2023-05-03Trustindex verifies that the original source of the review is Google. Thank you Mr Solaiman for always handling my tax queries and always being there for first response! Martin Irudayaraj2022-11-18Trustindex verifies that the original source of the review is Google. Good respect my last review was bad experience but he came to me and talk to me explain what happened and sort out my issue and offer me free service for 3 months He is definitely professional respect his Clint’s and help them . Will recommend to my friends. The Stig2022-10-07Trustindex verifies that the original source of the review is Google. Thank you very much Mr Solaiman for coming back to me and for answering my queries. I can only imagine how busy it must be for you, especially at this time of the year. I shall definitely consider using your services at some point in the future and making sure that I have all the necessary paperwork in order for you to process everything smoothly and proficiently, ready for submission. Making it easier and less stressful for you. Travel Gateway2022-07-07Trustindex verifies that the original source of the review is Google. Stan Lee Accountancy Ltd is highly recommended. Muhammed’s been taking care of my ATOL return and I can honestly say he has been incredibly professional.
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