Tax really can become taxing – especially if you work on your own or are the boss of a firm with only a few employees.
Filling in Self-Assessment forms can take up valuable time when you have a million and one other things to do which seem more important.
After all, the deadline is weeks away so the temptation is to leave it – only to find when it looms you’re lost in a sea of paperwork and you can’t remember your first name never mind who paid you money eight months ago!
And where did that receipt go for all that cash you splashed out on for a new computer?
Maybe it is time to get someone else in to help you out with your paperwork and tax returns and let you get on with the day job?
There is no getting away from it, the fact that you are registered for Self-Assessment, means you have to complete a tax return – either by October 31 if it is via the paper forms or by January 31 if you are doing it online.
And the price for not doing it can be a hefty fine and even more forms to fill in!
If you’re trying to fill in your form, either on paper or online, it is easy to make what could be a costly mistake if you get some details wrong. Make sure you have all the necessary paperwork, and don’t leave it until the last minute to sort out as this can lead to all sorts of stress.
You need to check, double check and then even triple check all the figures are correct. And even then it is a good idea to have a second pair of eyes looking over everything – especially if those eyes are experienced in the art of bookkeeping.
And remember, if you’re filling in a Self-Assessment form it might mean you may have a tax bill to pay – if so, make sure you have the funds available.
Perhaps it is an idea to set aside some of your earnings throughout the year into a separate account – then if your tax bill turns out to be lower than expected it will leave you with a bit of extra cash and maybe you can start looking at those holiday brochures again.
If you do get into difficulties with a Self-Assessment form, then having someone else to turn to such as a book-keeper can be invaluable.
Trying to contact the HMRC helpline can be time-consuming and frustrating. It is much easier if you can pick up the phone to someone you know who is experienced in the intricate details of Self-Assessment and can support you.
Then your tax doesn’t have to be taxing after all!