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What Is The Best Way To Prepare For Next Year's Self Assessment Tax Return?


Foremans LLP's Sales Advisor, Charlotte Wright, offers a few tips on how to stay organised for next year's tax return: - 

We did it! We’ve finally hit the 31 January Self Assessment deadline! If you’re a business owner, contractor or you have other incomes that are taxed through Self Assessment, I’m sure you, like many of the Self Employed, ran around like a headless chicken trying to collect paperwork, receipts and other bits of information which need to be included in your Self Assessment. But what is the best way to ensure filing next year’s Self Assessment filing is a breeze? We have the solution!


        Keep Spreadsheets

Keeping spreadsheets is one of the best ways to keep track of any details of income and outgoings throughout the year. Create month-by-month tabs on a spreadsheet in order to know where you’re up to each month. Keep these in a folder, both on your computer and a physical folder.


2.      Retain details of all sources of income

If you have or had a PAYE job throughout the tax year, details of these will need to be included in your Self Assessment. These could be;


·         P60 received from any employment in the tax year;

·         P11D received from any employment in the tax year;

·         Bank Interest Statements;

·         Building Society Interest Statements;

·         P60 for any pension received;

·         Details of any pension contributions made

·         Any other details of sources of income

3.       Keep your receipts

Keep any expenses receipts you might have, such as any travel, meals and any personal expenditure that you incurred ‘soley, exclusively and necessarily in the course of business’. Keep note of any business mileage you have done, this can be from home to your client’s site or between sites during the day. If you have attended a relevant training course and had to drive there this can be included too. Driving to an accountancy practice can also be included, so all the more reason to come and visit the Foremans office!

When it comes to preparing your Self Assessment you’ll have everything you need in one place and all you’ll need to do transfer the information onto your Tax Return and complete your tax calculation. If you’re not the most organised person, it might be an idea to appoint an accountant to help keep everything in one place for you and help with all of your bookkeeping. This way you’ll save time and money when it comes to next year. It is said that a good accountant will always save you at least as much in taxes as you spend on their fees!

If you’d like further information email us at ContactUs@Foremansllp.com or call our accountancy partner, Foremans LLP, on 01244 625 500 


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