Tax Return Top Tips

Keep us up to date.   Please let us know if you have a new address, mobile number, landline, or email address, or if any of these change over the year.  Likewise, if you change your name – please let us know ASAP!

Collect your old books.   When you call in to drop off your paperwork (or your signed tax return), please ask one of the team for your old paperwork. You’ll need to store it for 7 years, just in case HMRC want to have nosey!

Tax Credits.   If you are claiming Tax Credits, your annual review form will need to be submitted by 31 July.  You will lose your entire claim if you don’t return it on time.  Please let us have your information as soon as possible so we can help you meet this deadline.

Expenses.   Only expenses that are ‘wholly, exclusively and necessarily’ can be claimed on your tax return. However, many of our clients under-estimate genuine business expenses – such as stationery, mobile phone, safety clothing, broadband etc. If you’re not sure whether you can claim something as an expense, please provide us with some information (and copies of invoices if possible) and we’ll check!

Marriage Allowance.   If you or your partner earns less than £12,500 it may be possible to transfer some of your Personal Allowance, saving you up to £250. Let us know and we can guide you through applying for this.

Mortgage Applications.   If you’re considering applying for a mortgage, you’ll need to provide 3 years of accounts showing good profit. Let us know if this is something you are considering, so we can advise you appropriately.

Overdue Invoices.   Your year end is a good time to chase up (and pay) any outstanding invoices. This makes sure your accounts are a true reflection of your performance over the year. Please let us know any debtors or creditors at your year end, or any work in progress (for example jobs you are working on for which you have already purchased materials, but not yet invoiced).

Vat Threshold.   If your annual turnover hits £85000, then you might need to be VAT registered. If you’re having a bumper year or have been experiencing a steady increase over the past few years, then get in touch.