ListenToTaxman.com

UK PAYE Tax Calculator / Salary Calculator

The number 1 free UK salary calculator tax calculator since 1998. Calculate salary, national insurance, HMRC tax and net pay

Stress-less tax returns (well almost)

Dreading January? As a self-employed sole trader, we’re going to guess that’s a yes – unless you’ve managed to file your Self-Assessment tax return already. Getting this monumental task completed early is no mean feat. But it is possible to get through the tax season without experiencing a stressful sprint to 31st January.

Mike Parkes, our Self-Assessment expert, and Development Director at GoSimpleTax, explains how to make this as stress free as possible.

Gather all information soon!

Don’t delay. Get the required data together now. Make a checklist such as the one below to ensure you have everything avoiding unnecessary delays.

Documents and Information Checklist

Documents / Information Found Need to Find
National Insurance Number    
Unique Taxpayer Reference number or UTR    
Business/partnership name, address and company number if relevant    
P45    
P60    
P11D    
The business’s annual income and expenditure    
Income earned from other employment    
Any rent they have received    
Interest paid on loans, credit cards or other credit    
Income from overseas    
Income received from a partnership    
Any dividends received    
Benefits received either from the state or an employer    
Capital gains received    
Gift Aid received    
Pension contributions    
Tax payments they have already made this year (payments on account)    

If you have an accountant or bookkeeper filing your return ask them to sign and register the 64-8 form earlier rather than later. This will make them officially recognised as your agent by HMRC, and able to act on your behalf.

Know what you need

You have your checklist of standard data required, but you may require extra information.

Perhaps you have a student loan. Maybe you (or your partner) are claiming Child Benefit. If there’s the slightest possibility your circumstances will affect how much tax you need to pay, you should be aware.

Be aware of possible penalties

Submitting the Self-Assessment late comes with penalties, so be aware of these and know how you will need to provide all the necessary data to ensure they avoid them.

Check for mistakes now

It’s possible that, when you have gathered your information together, you may have missed something out or made an error.

So, once you’ve collated everything you need look at it as soon as possible. You’ll want to guarantee that nothing doesn’t quite add up or has been excluded.

Minimise errors with tax software

The chances of any mistakes can be reduced through Self-Assessment tax return software. It will take all the administrative work off your hands, ensuring the numbers are correct.

Think ahead for Making Tax Digital

With Making Tax Digital over the horizon begin converting to a software such as GoSimpleTax and utilise its income tax calculator and submission tool for your business. Giving you full visibility of your tax liability in real time whilst giving and reviewing your pension contributions and investment opportunities.

ListenToTaxman

Simple TaxOur Favourite Tax App?
It's Simple

ListenToTaxman have teamed up with GoSimpleTax, the online self-assessment app to bring you, what is in our view, the easiest way of calculating and submitting your tax return we’ve seen so far. Key in your income and expenses into the app, and it will flag up any unclaimed allowances. Simple.

Once you’re comfortable with the information you’ve entered, simply submit via the app to HMRC. You’ll just need your Tax Reference Number - found on most tax correspondence. GoSimpleTax let you use their software free for 14 days. If you don’t think it’s right for you - don’t pay anything. If you do to choose to submit your tax information via the app, then at most of you will be charged £30 for their standard service (silver).

This article was published in our Guides section on 02/01/2020.

Some Guides you may be interested in

More from our Guides section

362