We have all been there… the slight discomfort that comes from an impending deadline. Yes, the 31st of January is almost upon us and throughout the country thousands and thousands of people are pouring over their self-assessment tax returns. It’s just a fact of life. If you have opted to file your tax return online, then the midnight on the 31st of January is the cut off point. That’s it.
And although this is a recurring event, it’s surprising how many people are caught by surprise, year after year. For many, entrepreneurs included, this means stopping everything and taking the time to collect all the figures and fill in the tax return.
Getting the numbers right
Missing the deadline means an automatic £100.00 penalty. It’s not an option. And did we mention the interest on any outstanding amounts? That’s why it’s important to get all the figures right. That includes all allowable expenses. Yes, this means diving into that shoebox full of receipts. And this is when things start getting complicated. Wouldn’t it be great if all this could be made easier? It’s all about efficient record keeping. The more accurate your records are, the less likely you’ll be to make mistakes and, therefore, incur in penalties. It is worth reminding ourselves at this point that any false claims can lead to prosecution.
Is there an alternative?
Yes, there is. There is a way to minimise disruption and get those all-important figures. Sage One offers a solution. Once you’ve registered with HMRC and activate your account, it’s all ready to go. The next step is to register with Sage One. Sage One’s accounting software automates the process of record keeping. The result is a much simpler, leaner process. Sage One’s multi-platform approach brings convenience too. You can access the application from any internet-enabled device. For any entrepreneur, this is an important asset. It brings convenience thus making the whole process much easier. From now on, filling your self-assessment tax return will never be the same. Try it now!
Jonathan Wingfield, of Ensors Chartered Accountants, with words of advice for self-employed business owners 1. […]
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