Struggling to prepare for the tax deadline? Fortunately, we have the tax tips to help you prepare for the upcoming tax deadline. Having helped countless clients, you can rest assured that we can help you understand your taxes and meet the tax deadline for 2018. Glasgow accountant, The Kelvin Partnership can help you complete your tax return before the deadline.
1. Register ASAP
If this is the first year you are filing, you must register your business with HMRC before you can start the self-assessment process. This requires your activation PIN and Unique Tax Reference (UTR) to actually complete and submit your tax return.
If you haven’t already done this, move quickly. HMRC can only send you this information in the post which can take as long as a week, sometimes longer. This means you are risking being unable to file by the deadline.
2. Include All Your Information
While this may seem somewhat obvious, it is essential that you include all your information. This information includes:
- The P60 form showing your salary and tax for the past year
- If you have a job and you’re paid wages, your employer should have given you this form. Your employer may have also given you a P11D form showing any expenses or benefits you may have received, this must also be included.
- You also need to know how much interest has been paid into your account in the last tax year (if you are with a bank which pays you interest).
- You also need to know how much tax has been taken off of this. However, if you have an ISA, it should not be included as they are free of tax, therefore you cannot claim back any tax relief.
- If you’re a sole trader, or in partnership, you need to know your the income and expenses of your business.
- If you have received dividends on shares you own (whether these are in your own company or another), you will need to include the dividend income on your tax return.
3. Follow the Rules
Again, this may seem an obvious one, but following the rules is crucial in completing your tax return. There are many rules and regulations which must be followed, so it is important that you take your time to familiarise yourself with all the rules before you start your tax return. It is also important to understand things which you can and cannot claim for (such as business expenses). The Kelvin Partnership can help you with this, ensuring that you are complying with all the rules and regulations, completing your tax return to the highest standard.
Tax Tips from The Kelvin Partnership
While these are our top three tax tips for preparing for the tax deadlines, we have countless more tips we would be happy to share with you. Have a look at our self-assessment tax return guide for more information.