1. File online
If you file online then the deadline's extended until 31 January. In addition to giving you more time, liabilities are calculated faster, money owed is repaid quicker and an acknowledgement that HMRC has received the return is emailed immediately.
If you file online then your tax return deadline is extended until 31 January
You must register by the 21 January.
2. Leave yourself plenty of time
If you're sticking to the paper option, then you must make sure you post your return with plenty of time to spare. Even if you put it in the post box before 31 October, if there's a delay and it arrives late you may still get fined.
If you use an accountant, make sure you've made a note of when they need your records by and set yourself reminders 30 days before deadlines.
3. Get everything in order
Before you start, get all your paperwork together. The documents and information you need includes; your employment income, including your P60 and P11D, any interest statements from your bank or building society, information on dividends and shares and details of any deductions, such as Gift Aid and pension contributions.
Hopefully you've got your books in order already. If you haven't, all the more reason to register online and take advantage of the later deadline - this will give you some time to sort things out.
You need to:
- Keep a thorough record of your cash flow – income and outgoings. A good accountant will be able to provide you with a template
- Set up a business account to separate personal from business expenditure
- Get everything on computer – quicker, safer and easier to manage. Accountancy software is available or plain old excel is pretty good
4. Save, check, save, double-check
If you're filing online you can save information on the screen as you go along. If you make a mistake, don't worry, you can go back to it and make changes later.
Keep all the documents you’ve used to fill it in together, just in case you have to refer back at any point if there is a query from HMRC.
Check, check and double-check – particularly when it comes to those all important figures. Print of a copy before you send it and save, save, save – this is not the kind of thing you want to lose right at the end!
5. Call in the professionals
To alleviate the pressure and make sure you don't end up paying too much tax, call in an experienced bookkeeper. This will cost, but it will also free up your time to carry on running your business.
