You might have been counting down the days since October, or maybe you’re just starting to put up your decorations – either way, Christmas is nearly upon us.
But while you’re winding down for the holidays, don’t forget that the deadline for self-assessment isn’t far away either, at midnight on 31 January 2019 for returns relating to the 2017/18 tax year.
You’ll need to complete a self-assessment tax return if you’re self-employed, if you became a company director, or if you received certain other types of income throughout the year, such as rent, dividends, or income from savings or investments.
Here are some tips to keep in mind when completing your return.
Take your time
Rushing through your tax return can lead to simple – but costly – mistakes.
Make sure you don’t end up in this situation by carefully thinking about each section as you complete it, and double-checking your figures.
Alternatively, we can take care of the calculations on your behalf, so you don’t have to spend hours puzzling over them.
Building on the last point: the sooner you start on your return, the more time you’ll have to complete it and check it’s accurate.
Getting it out of the way now means you won’t have the thought of it hanging over you until January, and you don’t have to spend Christmas worrying.
Understand your expenses
Business expenses can feel like one of the trickier areas of self-assessment, and it’s not always obvious what you can claim for.
While failing to claim expenses means missing out on relief you’re fully entitled to, over-claiming can lead to serious penalties – so it’s important to fully understand the rules.
Depending on whether you’re self-employed or a director of a limited company, there are different rules to follow.
Until the New Year, Merry Christmas from all of us at RBSCA.
The holidays are a time to rest and relax before getting back to business for the year ahead – so if self-assessment is still weighing on your mind, talk to us.
Our office will be closing at 5.30pm on 21 December, and opening again at 9.30am on 2 January 2019, so make sure you get in touch before or after the festive period.
We’re happy to answer any questions you have, or simply complete and send the return on your behalf. Get in touch to talk about self-assessment.