6 tips when submitting your Self Assessment with Taxd
As tax advisors, we are often asked how best to prepare when filing a Self Assessment tax return. And how to maximise tax efficiency of our clients. Here's some of our top tips when it comes to filing your Self Assessment tax return through Taxd.
1. Organise all your tax related files
You will need to have access to your Unique Taxpayer Reference (UTR) number and National Insurance number.
If you would like to connect to HMRC to pull your employment (P60/P11D/P45) data, then you will also need your Government Gateway ID and password handy.
If you have not registered for a UTR, check out this article.
2. Track your income and expenses
Keeping track of all your earnings and outgoings is important when running your business. Whether this is on a spreadsheet, software, or on paper, this will help avoid having to look for all your information when it comes to filing your return.
Taxd will bring out an expenses and income tracking tool soon. And this will be accessible from your dashboard.
3. Budget for your payments
If you are employed, you may be able to pay any additional tax through your PAYE tax code. Whereas if you are self-employed or a landlord, you need to ensure to budget accordingly for your balancing payment and for any payments on account which may be required for the next year.
A rule of thumb is to put aside 20% to 30% of income you generate, until you submit your Self Assessment and know your tax position, so you have enough money to pay any liabilities.
4. Don't miss the deadline
You've got until 31 January, but don't leave it until the last minute. You're more likely to rush, make mistakes, or miss out on important information.
If you do miss the deadline, you will also receive a fine from HMRC.
5. Think about your tax efficiency
There are a number of credits, deductions, reliefs, and allowances that may be available to you. As you go through the Self Assessment process with Taxd, you will be asked about each expenses that you are entitled to given your profession and industry.
For example, certain expenses, pension payments or charity (Gift Aid) payments are often overlooked. But these can help to lower your overall tax bill.
6. And finally, get in touch with the Taxd team
Ask for support if you're ever confused or stuck on your Self Assessment through Taxd.
We're here to help you file. And your feedback helps us to simplify the process even further!
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