Don't get caught this Halloween with a scary tax bill coming your way
With Christmas only around the corner, it is easy to let time drift from the Halloween parties, dressing up and watching the fireworks to the Christmas shopping trips, nights out and putting up the Christmas tree. Around this time of year, along with the dark nights firmly here it is easy for the days to just feel like they drift from one to another.
The most common thing we always come across every year is people leaving the preparation of their self assessment to the last minute. Leaving it to the last minute leaves you little room to budget for your tax payment or ring HMRC to put together a payment schedule with them. Also by leaving it all to the last minute and up against the deadline for it to be submitted you are likely to forget some of your bank or credit card statements. Therefore, increasing your taxable profit due not having the proof of tax expenses to claim again them ending up paying more tax than you need to.
So to help avoid the rush and panic of asking yourself what do I need to get to complete my self assessment, we have put together this handy list for you to refer to:
WHAT YOU NEED | WHY WE NEED IT |
Bank Statements | This is the best way to help us prepare your tax return. This gives us a complete record of all the money in and out of your bank account. |
Credit Card Statements | If you have a credit card that you use for purchasing items for your business we will also need these. You will want to ensure you are claiming all your taxable expenses. |
Cash receipts | While most of your business expenses will be captured by your bank and credit card statements. There will always be them cash receipts that are sitting around the house. Them 'just taking a quick run down to the store' purchases. They might not seem like a lot, spending £5 here and £5 there. You will be surprised now quickly they all can add up. |
Cheque & Lodgment books | They might feel like they are becoming a thing of the past especially with online banking. But for many business they still pay an important role. We will need your cheque and lodgment book to see who has paid you and who you have paid. |
Others: CIS returns, VAT returns and other information | Rule of thumb is always is if you think its important it is better to give us the information for us to decide if we need it or not. Items such as CIS returns help use see what tax you have already paid during the tax, VAT returns help us see the level of sales, expense and if any assets have been purchase. |
If you have been putting getting your self assessment together on the back foot for a while or have no idea where to start and feel like you need better guidance contact RGA Accountants today on 028 406 27730 or follow the link below