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Are you all set for the self-assessment tax deadline?

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For many self-employed people, the end of January is panic time as the self-assessment tax deadline of January 31st gets closer. To avoid this stress and panic, there are several things that you can do to prepare for the deadline.

Start completing the form before the deadline

Even though there is a deadline, you can start to fill in your tax form before January 31st. This can be a better strategy than having to do everything at the last minute. It is better to be slow and careful about filling in the online self-assessment form than to rush.

Gather the paperwork

You will need to gather all the paperwork and online information for the form. If you run a business, you will need your accounts for the tax year 2015/2016. If you have recently left a job, then the relevant P60 or P45 forms will be needed. Details of your savings and investments will also be required.

The best way to make sure you have everything is to go to the HMRC online self-assessment website and read through the self-assessment form which details all the information that is required. This will inform you on what paperwork is needed.

Get advice

If you are confused and need help filling in your tax return, then get advice, but do not call HMRC. This is an extremely busy time for the tax service. If you want help from one of their employees, now is not the best time to call as there will be a long wait to talk to a help desk operator.

Avoid the stress by going online. HMRC has an extensive help section at: https://www.gov.uk/topic/personal-tax/self-assessment.

You can also speak to an accountant. Most accountants have extensive knowledge of the tax system.

You don’t have to do it yourself

To remain stress free at this time, remember you do not have to fill in the self-assessment form yourself. An accounting service can do all the hard work on your behalf. They will sort out the paperwork and make sure that nothing is missing from your self-assessment form.

An accounting service can also advise you on what you can claim back in expenses to reduce your tax bill.

If you miss the January 31st deadline, you will face a fine.

If you want more advice on self-assessments, get in touch with Sollertia today.


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