Our Blog page banner

Tis the self-assessment season

Tis the self-assessment season

For many January is about lying low after the festive period, not spending too much money and trying to make a meaningful start on your new resolutions.

However, for many of us, the end of the year also conjures images of calculators, long waiting times on HMRC customer service lines, and the inevitable search for the missing invoices. January is also the deadline for completing self-assessment.

Although 31 January an awkward time of year for a deadline – given that Christmas is just a month before – it’s best not to put your self-assessment duties on the backburner. By leaving everything until the last minute, you increase the likelihood of errors or submitting your return past the due date.

There are several basic things you could be doing that’ll significantly speed up the process.

Have all your paperwork to hand

Having psyched yourself up to do your tax return, there are few things worse than sitting down only to realise you don’t have all the paper work. It’s imperative that you devise an efficient system for year-round organisation of invoices, receipts, bank statements, payslips and relevant bills. This will save you the hassle and stress of looking for missing documents when it comes to filling out your return.

Know what’s expected

If you’re doing your research while filling out your return, you’re doing it wrong. Not knowing what’s expected of you prior to doing your sums will slow you down. Instead of doing everything on the fly, take some time to fully understand the process before you start. Doing this will also eliminate the scope for errors.

Check your technology

One of the few things worse than losing your paperwork is having your internet connection go down at the last minute. Imagine putting all those hours in: doing all the calculations, triple-checking every bit information and making sure everything is filled in correctly, only to have your internet or your computer freeze. Technology can easily lay waste to your efforts; ensuring that you’re using a stable computer and internet connection will save you from having to repeat the process twice.

Happy New Year from everyone at Knight and Company!

All of us at Knight would like to wish a happy and productive new year to all our clients. Here’s hoping that 2016 brings good fortune for you and your business.

Call us on 01628 631 056 to get your self-assessment done and dusted.