Tax Deadline Guide & Accountants in North Wales

As accountants in North Wales will tell you, you can sometimes have such a busy schedule where your services are so in demand that a couple of important clerical things slip your mind. There are so many different aspects, forms and details to fill out correctly when it comes to self-assessment tax that you could be wary of doing it at all.

However, thanks to higher levels of stringency when it comes to governmental regulations, it is now more important than ever that you correctly self-asses your finances. Have no tax data to send? Well, you will now still have to fill out the form or face a £100 charge.

It’s these kind of new regulations which make it absolutely necessary that you’re up to date and completely clued in on how to properly self-assess. The following tips are specifically applied to contractors but it could be proper practice for anyone to consider before the 31^st of January.

Collate all your information

Gathering all possible documentation is much better than initially selecting what you believe is necessary at the time – it is better to be safe than sorry.

The first step is to identify your UTR (Unique Taxpayer Reference) number from your documents. It usually comes as a 10 digit number and if you don’t have one, it could be worthwhile contacting HMRC or asking your accountant for help.

If your status remains the same, you should always retain the same UTR number. Always consult HMRC if your situation changes.

Work with your accountant

The end of the fiscal year can be stressful for any business so it’s important to take any help when you can get it, especially from those in the know.

Some experienced accountants will be able to create an online form in which you can hold all of the information. Raise any concerns that you may have about figures that don’t add up and remember to always check and then double check.

Filing off your report with enough time remaining for your accountant to gather a composite financial picture is highly important and leads us nicely onto the next point…

DO NOT opt for the last minute

Why finish in a hurried panic with papers flying everywhere what you could accomplish far sooner and with far less stress?

As previously mentioned, regulations for self-assessment are becoming stricter than ever with the threat of penalisation looming for all. Why risk a charge after dashing around at 11pm on the 31^st only to discover that in your frenzy, you filed the wrong information?

Simply put, don’t allow the process to become a burden – just complete it at the first proper opportunity when it can be done properly.

One last thing…

Keep all of your records, even from a half-decade ago. You never know when you might need it. If you have to dispose of the data for whatever reason, make sure it doesn’t fall into the wrong hands.