Making online self-assessments a hassle-free experience
Accountants are there to take the stress out of self-assessments. In addition, there are ways that you can make the process of crunching the numbers easy for yourself throughout the year.
You might want to make sure you start work well before the January 31 deadline for online submissions. Getting everything to your accountant early not only gives them the time to go through everything you have provided, but it also helps you to verify how much tax you need to contribute. Most importantly, if the bill is higher than expected, this will also give you the funds that you need to make a full payment.
Using specialist software to note your income and expenditure is also a great idea. It will reduce the likelihood of mistakes when everything is being processed, and prevents items from being duplicated or missed out altogether. In some cases, software is free or available for a small fee. As an alternative, you could also use Microsoft Excel.
Finally, don’t forget that it is your legal responsibility for you to keep all documentation pertaining to a self assessment for at least two years after you have settled the bill, just in case HMRC have any questions.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.