Remember the Self-Assessment deadline is upon us, so it is key to have your tax return filed by the deadline of 31st January 2014. Although the deadline can be intimidating, fear not, PayStream have provided you with some top tips on completing your tax return.
Organise your paperwork
Before you start to complete your return, make sure you collect all the correct documents, these include invoices and receipts for expenses collated over the course of the year. Being organised will make the process a whole lot simpler, but can be time-consuming so make sure you give yourself some leeway to organise your records.
Be as accurate as possible
When collating your information, the allure of rounding up numbers for simplicity sake can be a great one. However, it is seen in the eyes of HMRC as inaccurate and can be a cause for investigation.
Payments on account
Payments on account are payments made twice a year as a method of spreading the tax costs over two payments, the first of which is made on the 31st January and the second on the 31st July. This will only apply if your tax liability for the previous year is in excess of £1,000.
As we've mentioned numerous times in the past, it is very important not to miss deadlines if you want to avoid any nasty penalties. If you miss the 31st January deadline you will receive an automatic fine of £100. For more information on tax deadlines and penalties, please see here.
Even with these hints and tips, tax returns can still be a daunting task and having a compliant accountancy provider, such as PayStream, assisting you with your tax return can alleviate a lot of pressure and worry.
PayStream's Tax Team can ensure you're returns are completed correctly and on time to avoid HMRC penalties. Not only that, they will also chase any overpaid tax you may be due and give advance warnings of any potential tax liabilities, leaving you with complete peace of mind. Visit here for more information on how our Tax Team can help you.