With a new tax year starting last month, it’s time to start thinking about getting your finances in order ready for your self-assessment tax return. Experts at FSB Tax Investigation Protection share four tips for filing your return, as well as how we’re helping to protect your bottom line.
1. Track your income and expenses as you go
Keep accurate records of income and what you’ve claimed as business expenses throughout the tax year so that you’re ready to go, and make sure you declare everything.
2. Get organised
Gather all the paperwork and details that you’ll need ahead of time, including your Unique Taxpayer Reference (UTR) and details of income and expenses.
3. Budget in advance
Manage any surprises with your tax bill by budgeting in advance for what you anticipate your tax bill will be and getting ahead if you need to make any payments on account. Set aside a portion of your income every month for paying tax and National Insurance contributions.
4. Submit your tax returns on time
You don’t need to wait until 31 January to make your online return. If you don’t meet the deadline, you may face a fine from HMRC, so don’t leave it until the last minute. You’re also more likely to make mistakes or miss out important information.
Peace of mind with tax enquiries
Costs can quickly add up if you’re faced with a tax enquiry, even if your books are in order. That’s why tax investigation insurance is included in your FSB membership, giving you peace of mind.
1. Track your income and expenses as you go
2. Get organised
3. Budget in advance
4. Submit your tax returns on time