Top Tips to take the stress out of self-assessment

Self-assessment tax returns strike fear into the hearts of many, but get prepared, get ahead, and save your sanity!

• Remember deadlines.

Paper returns for 2019-2020 need to be submitted by 31st October 2020, and on-line returns need to be submitted by 31st January 2021. Get registered via the HMRC website https://www.gov.uk/government/organisations/hm-revenue-customs to file online – make sure you leave plenty of time to get your activation code from HMRC

• Keep your records up to date

If your records are up to date and accurate, you can file quickly and easily and make sure you claim for all your expenses.

• Don’t forget to claim all your business costs and allowances

Make use of HMRC’s simplified expenses scheme to claim the business portion of utility bills if you work from home for at least 25 hours per week:

Hours of business use per month	Flat rate per month
25 to 50	£10
51 to 100	£18
101 and more	£26

Call us at BeanKeepers to help you with your accounting records and self-assessment.