How To Keep On Top Of Your Taxes All Year Round

At the beginning of 2019, our data revealed that almost half of taxpayers hadn’t submitted their Self Assessment. Whilst every day towards the deadline saw this number lower, there were many who didn’t file on time. Unless they had a reasonable excuse, these people will have been fined. This is one of the many reasons to file your taxes early.

Keeping on top of your taxes throughout the year is a great way to ensure this. Here, we offer some year-round financial tips to assist.

Input information as you receive it

One of the easiest ways to stay on top of your taxes is to input your information as soon as you receive it. As a result, there’s no chance of you forgetting it later on, and you won’t have the immense task of finding and entering all the data in January.

This does require you to know what you’ll need to input, however. Do your research into this. There is key information every taxpayer should provide and, depending on your circumstances, you may be required to enter additional data (if you receive any foreign income, for example).

Make the most of on-the-go

If you receive anything that’s needed for the Self Assessment, then don’t wait until you’re in front of a computer. Speed up the process by inputting the information from wherever you are.

Fantastic tax software will allow you to submit data as you go. Whenever you’re partaking in passive activities, such as using public transport, update your information. This way, you’re being more efficient – using time that would otherwise be wasted.

Keep hold of files and documents

Whether you submit data at specific intervals or as you receive them, remember to retain the relevant records. People often ask, “how long should you keep your tax records?”, and HMRC have guidance on this.

They advise that you keep your accounts for a minimum of 22 months after the close of the tax year for the Self Assessment you’re filing. This only applies if you’re not classed as self-employed, and if you submit the tax return on time. Those who file late will instead need to hold on to their records for at least 15 months after it has been sent.

The self-employed should retain their accounts for longer – a minimum of five years after the deadline date of the given tax return. If you’re self-employed and file the Self Assessment very late – more than four years after it’s due – then you’ll need to hold on to them for 15 months after it has been submitted.

The best way to do your taxes

With records retained and information inputted throughout the year, these year-round tax tips will make it a lot easier to stay on top of your taxes. To help answer the question, “what’s the best way to file my taxes?”, we’d also suggest employing the very best Self Assessment software.

Simply input your figures into GoSimpleTax and we’ll take care of the sums. Our platform also offers easy automatic reporting, and allows you to submit your Self Assessment from your smartphone. Tax-saving tips are suggested as well, so you can reduce your liability.

To try out the software’s benefits for yourself, sample our tools for 14 days at no cost. For further year-round financial tips or information around the things to check before filing taxes, get in touch with our friendly team today.

Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.