Let’s face it, no one looks forward to filing their annual self-assessment tax return. Perhaps that’s why nearly 750,000 taxpayers missed last year’s January 31st deadline.
Whatever our feelings about the task, around 11 million of us have to file a self-assessment tax return – and that means keeping abreast of complex sources of income and expenditure, including benefits, expenses and investments. You need to be aware of any tax-free income you’ve earned and include details on your form; and you’ll have to dig out forms such as your P60 and P11D.
Here at AMR, our highly-qualified team of fully-accredited bookkeepers can take away the strain of filing your tax return. If you find it a struggle to keep on top of your books, why not get a little help from the experts. We can help you to:
- Establish a routine: Make sure you check records of your business income and expenditure on a weekly basis. This will help to avoid a last-minute scramble trying to locate lost receipts and expenses claims.
- Make your business digital: A fully-qualified bookkeeper can advise you on suitable software for your business, and show you how to make it work efficiently for you. Digital record keeping is soon to become mandatory – read our blog on Making Tax Digital
- Avoid penalties: If you file your tax return late, you’ll be hit with an automatic £100 fine. The penalty will increase the longer you leave submitting your return to HMRC. If you fail to pay, you’ll be charged interest from the date the payment is due.
HMRC will accept ‘reasonable excuses’ for your failure to file your return. These include a family bereavement; an unexpected stay in hospital; computer or software failure while you were preparing your form; and delays caused by fire, flood or theft.
Whether you run a small business, a large company or you’re self-employed, here at AMR we offer bookkeeping services to suit all your needs. We can assist you on tax and payroll matters, VAT returns, credit control, budgets and cashflow.
We’re here to help you in the lead up to the self-assessment deadline and all year round. Don’t hesitate to get in touch, either via our contact page or by speaking to a member of our friendly team on 01892 559480.
