11 June 2017
The Digital Self-Assessment tax deadline is approaching
The self-assessment tax deadline for the year 2016-17 for paper returns was 31 October 2017. However you can still complete your return online before the deadline of 31 January 2018.
Build UK partner, Go Simple have given their top tips for DIY Self-Assessment Tax returns:
1. Stamp out missed allowances
It’s easy to lose track of your outgoings when managing multiple projects. However, if you want to minimise your tax bill, it’s vital to keep a record of all eligible tax breaks. Materials, tools, uniform and safety wear are just some of the expenses you could claim back. Backdate these by going through your bank statements, emails and receipts, to ensure you’ve not missed any allowances.
2. Store your receipts digitally
Monitoring your expenses is much easier when you have the right tools for the job. By going digital with your receipts, you can record your purchases in a single place, eliminating the risk of losing or forgetting about your paperwork.
The SimpleTax app allows you to take a picture of your receipt and upload it straight to your tax return. So when you’re popping into your local trade supplier, you can instantly log expenses on the go. Watch their app video here.
3. Complete your return online
If you still use paper forms to complete your Self-Assessment, it’s time to switch to online submissions. The government will be phasing out physical returns in 2018, but you stand to benefit from making the transition sooner rather than later.
While the deadline for paper tax returns was the 31 October 2017, online returns don’t have to be submitted until the 31 January 2018, giving you more time to set your finances in order. It also saves postage fees and offers a more convenient way to complete your form.
4. Cut out complicated jargon
Feel baffled by the complex layout and unnecessary jargon used by HMRC? There is an easier way to submit your Self-Assessment. SimpleTax streamlines the whole process for you, with support at every step to ensure your tax return is accurate and your associated bill as low as possible.
Build UK members can receive a 25% discount on the software by using the code BUILDUK17. More information can be found here.