Given many people will be spending this month submitting their on-line self assessments to HMRC here are our top tips to stay ahead of the curve next year.
- Put in place a separate bank account to save for your tax bill – and commit to putting a % of income aside every pay check
- Buy a big old fashioned filing box to keep all your receipts in
- Spend a few hours a month keeping on top of the numbers – a spread sheet of income/expenditure and expenses is far easier to tally monthly than leaving everything to the last minute
- Remember interest on ISA’s and some national savings products don’t need to be disclosed
- Make sure you claim higher relief on pension contributions if due
- Don’t bin things! – you’re obliged to keep records for 6 years.
- If it’s your first time register in advance – it can take 10+ days for HMRC to send you the activation codes
- If you may have problems paying talk to HMRC – it’s much easier than accruing fines for ignoring them
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