With 2018 slowing coming to the end, the self assessment tax return deadline is just around the corner.
Here are our tips for the self assessment season:
- Be prepared. Ensure you have all the relevant information – ask clients to get it in early so there isn’t a mad rush.
- It may be worth letting clients know of the late penalty fee for late returns and payments. There is a £100 fixed penalty for a return that is up to 3 months late, £300 plus £10 per day for up to 6 months late and it will cost even more if their return is later than 6 months.
- Compare their current return with the previous years to identify possible omissions, GoSimpleTax will allow you to see previous returns when they have been filed by our software. When clients have sent in all their information, it really pays to invest time to check the information because if there is anything missing, you’ll be able to chase straightaway.
- Check in with clients to ensure their bank details are correct. You’ll need to add these on the TR6 page of the return as if they have paid too much tax, they’ll be due a refund and it can be made directly to them. – make sure your clients approve of these details when checking over the return.
- Your clients could be entitled to extra relief if their employer has reimbursed them for business mileage below the approved mileage allowance, this starts from 45p. If any of your clients received less than 45p, they are able to claim the difference as an expense against their earnings, always assuming that the business mileage was incurred as part of their employment.
Use tax filing software
Using tax filing software like GoSimpleTax is a simple and secure solution for digital recording, it gives accounts and other advisory practices helping hand with the transition into the digital age.
GoSimpleTax calculates all income and expenses as you go, whilst also providing hints and tips of savings that can be made along the way. Check out our 14-day free trial for yourself.