How to get your paperwork in order and meet the self-assessment deadline
With less than two weeks until the deadline for self-assessment the pressure is on those who are yet to submit their return, writes Pandlefounder Lee Murphy.
If you are yet to complete your tax return, you must do it now, particularly as the tax return deadline is also the tax payment due date, so you may need time to get funds together.
Follow my practical guide on how to get to grips with your tax return.
Make sure to have all your paperwork together before sitting down to start the online process as this both reduce the pain and chance of mistakes.
Typical paperwork you will need for the financial year April 2017 to March 2018 to have at hand includes:
Details of your earnings from your business: salary, dividends and taxable expenses (which will be on your P60) including details of expenses
Any Gift Aid payments
Details of other sources of income, such as savings, shares, rental income and any royalties.
Visit GOV.UK to begin your submission. The website guides you through the process and is user-friendly.
If it is your first time submitting tax return using the online portal you will need to have contacted HMRC for your Unique Taxpayer Reference (UTR) code to be able to activate your Government Gateway account. The Revenue will only send this by post, so if you don’t have it, contact HMRC immediately here
Have you got your books in order?
HMRC will want to see your profit for the tax year ending April 2018. The majority would have diligent records for 2017/18, but for those who may have been too busy, you are in trouble. Immediately set a couple of days aside now to get your books in order.
Your return will need to be supported with paperwork, including bank statements, sales invoices and receipts for expenses, paying in books, cash books, details of any loans, lease or HP agreements. This will ensure that you are paying the right amount of tax and avoid any nasty surprises further down the line.