🍦Beat the Self-Assessment Deadline

Hey friend —

The 31 January self-assessment deadline is fast approaching. Haven’t filed yet? Don’t worry — there’s still time. Here’s how you can get it done efficiently and avoid penalties.

1. Gather Your Essentials

Pull together what you need: income records (like P60s or invoices), bank statements, details of expenses, and any pension contributions. Don’t forget savings interest and if you’ve made any charitable donations eligible for Gift Aid! Having everything handy will save you time and hassle.

2. Claim Eligible Expenses

If you’re self-employed, make sure to claim for things like office supplies, travel costs (not commuting), or a portion of your home utilities if you work from home. Only claim what’s allowed — HMRC takes this seriously. Generally the rule is that the expense needs to be wholly, exclusively and necessary for the business or trade.

3. Use Reliefs to Save

Don’t miss out on tax reliefs! For example:

Marriage Allowance: Transfer unused personal allowance to your partner or vice versa, useful if you or your partner are not fully using their personal tax allowance.
Gift Aid: Claim for charitable donations you’ve made during the year.

These can reduce your tax bill significantly.

4. Double-Check Everything

Mistakes can lead to delays or penalties. Review all figures, including your income, expenses, and tax paid. HMRC’s online system provides prompts to help you get it right. On that note, make sure you have your online government gateway username and password. If you haven’t got one yet, or can’t remember the details, go to the .gov website and sort that out sooner rather than later as it can be a bit of a hassle to access sometimes!

5. Seek Help if You’re Stuck

Feeling overwhelmed? Speak to a professional. An accountant can simplify the process and even spot savings you might miss. It’s also great peace of mind and one less thing you need to do yourself!

6. Plan Your Payment

Any tax owed is due by 31st January. If you’re short on cash, HMRC’s Time to Pay service lets you spread the cost. Best to give them a call if you need this option and set that up to avoid late payment penalties but again, leave plenty of time to do this as the phone lines are very full and the queue times can be long the closer we get to the deadline.

Don’t Leave It Too Late
Take a couple of hours next week to focus on your return if you haven’t done it already. The sooner you start, the less stressful it will be and the more time you’ll have to save and budget for any tax that you have due.

Need support? At Cone Accounting, we’re here to help. Reach out for friendly, expert advice to get your self-assessment sorted in no time!

Just FYI for Cone’s Christmas hours that we will be shut from Tuesday 17th December 2024 and will return on Monday 6th January 2025.

I wish you all a Merry Christmas and a Happy New Year!

Written and edited by Ben Nacca