Tax - Cutting costs & maximising efficiency
Updated: Mar 27, 2020
The year is flying by and the U.K Tax Year is almost over, ending on 5th April 2020. If you are self employed this means one thing - your self assessment tax return is once again looming large! Fear not, Apex Accounts are here to help you with free tips and advice, or to take control of things for you so that you don't have to worry. Here are our top 5 tips (and yes, it really is this simple!).
Keep track of ALL expenses and receipts - not everything is tax deductable, but better to be safe than sorry.
Track all income from your day to day business - sounds simple, but if you're behind on your invoicing come the end of the year, it's easy to forget to add all income.
Get ahead of the game! - Don't leave it until the last minute, if you do end up having to acquire some professional help, the likelihood is that the later you ask, the more you will be charged.
Don't forget your home expenses - If you work from home, have a home office or take any of your work home (including laundry, in some cases) then don't forget to allow for a percentage of these expenses. Don't overdo it, but don't sell yourself short. Contact us for advice if you are unsure.
Get the dates locked in - In terms of stress and time management, the earlier you get this done, the better. Lock the dates in and remember the deadlines, but file as early as you can to get this burden out of the way. If there are any problems, filing early allows you to sort them before the deadline and avoid penalties.