Last Minute Self Assessment Tax Return Filing-Cost Benefit Analysis

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Last Minute Self Assessment Tax Return Filing-Cost Benefit Analysis

So its almost 9 days left and count down to get your #SelfAssessment Tax Return started.It seems easier to file your Self assessment online but regular changes in tax legislation may cause you to make mistakes that will ultimately result in high tax bill.
Usually we wait for the deadline to file tax return, when we don’ t have enough time. We forget few bills to claim expenses and get lost paperwork.There is not enough time to prepare the paperwork again and plan the tax liability.
While on the other hand few self employed file their tax return as soon it becomes due & know their tax liability . They have enough time to save for tax liability.Also they have paperwork to claim all relevant expenses.
It is reported trend that almost 50% tax return filed in January so it seems the same trend might be in current year.
Either you file your Self Assessment tax return as soon it is due or before deadline, you should follow the following guidelines:
Keep record of all your income like Invoices,Interest income, property rental ,foreign income etc.
Keep record of all expenses receipts relevant to various income streams including gift aid/charity.
Prepare your SA return & file it so you know the tax liability or if you think it is complicated then get an accountant’s advice.
If you need help, drop an email:
#SelfAssessment #Penalty #Tax return #deadline

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