Wednesday, 22 March 2017

7 things to make your tax return easy to complete.


Image courtesy of clipartfest.com

Tax returns are not everyone's cup of tea, they are time consuming, stressful and really require good book keeping to ensure all is in order. 

My top 7 tips for a stress free tax return are:

1. If it is your first time as a self employed person, then make sure you register in plenty of time as it takes a few weeks to set things up with HMRC.

2. Have a folder with a section for each month where you keep your receipts, annotate details of expenses and tally them up on a monthly basis. I also take photos of my receipts and up load them in a folder called receipts on my computer.

3. Create a separate folder on your computer for your tax return for each year so that all your yearly Tax return documents are saved in one place.

4. Create spread sheet (1) on the computer call it "Earnings", I find Excel a good programme to use. Have a column for each month and record your earnings. Tally them at the end of each month.

4. Create a second spread sheet (2) and call it "Expenses", create a column for each month and record your expenses.Tally them at the end of each month.

5. Create a third spread sheet (3) and call it "Invoices" in this sheet keep a record of all your invoices, who they were sent to, date they were sent, and the date you were paid. Tally them at the end of each month.

6.  Keep your spread sheets updated regularly so that you do not forget any thing. At the end of your tax year all you need to do is add each months details to get your yearly tax expenses and earnings.

7.  Do not procrastinate over tax matters if you update regularly there will not be a last minute panic.


Many people employ an accountant to do all the hard work but bear in mind that accountants are not super human and they can only help you as much as you help your self. If you keep good records then all you need to do at the end of the year is to pass all the details to your accountant for them to do your tax return. There are many accountancy companies that will do your tax return for you, one particular company that offers this service is Brighton accountants Plummer Parsons. It's always a good idea to chat to your accountant, they will offer you lots of good advise and help to make your life easy. Some accountants even offer ready made templates for you to record your income and expenses.

Finally remember that you must put aside some of your income on a monthly basis to pay the tax man, otherwise you will be in a big shock when the bill comes!!

*collaborative post

33 comments:

  1. Great tips as I always get panicked when it's time to do my tax return - I really need to be more organise and on top of things this year

    Laura x

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  2. This is a useful and very clear post thanks for sharing :) x

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  3. Great tips - will look up the company as I've been meaning to contact someone to take tax returns off my hands

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  4. Great tips here! I did my first tax return last year and it would have been easier if I'd done even half of these tips! x

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  5. Excellent tips Nayna. I do admire your organisation. I'm one of those that panics last minute and I inevitably get into a real muddle. I have made a few improvements, but need to make more.

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  6. Great tips I will bear them in mind the next time around as this years one has been done already.

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  7. Thanks for this post! I will have to do my first tax return next time and I am already behind - oops, haha! xx

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  8. Great tips, I always leave it to the last minute, I need to be more organised x

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  9. I've never had to do a tax return - but my partner has just gone self employed, so I'm sure I'll be roped in to helping him do his when the time comes! Thanks for the tips x

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  10. I need to start keeping my receipts as it might help me do my tax returns more effectively x

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  11. These are really great tips.. I need theme going forward as all my blog earnings have been awarded in 2017.

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  12. Such a great post - I'm just working out my tax and it's very much a sore point at the moment!

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  13. Some great tips here! Especially as I've just gone self employed so this will totally be beneficial for me to refer too

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  14. Great tips, it really does pay to be organised with your tax returns!

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  15. Great tips! I don't know what I'd do without my spread sheet app on my phone, it's so convenient!

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  16. Great tips! And it pays to be organised in tax matters. Nothing more stressful then leaving it all to the last minute x

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  17. Thank you for these great tips. I get my husband to help me with my tax returns. It can stressful if you are unfamiliar. xx

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  18. Great tips. I have spreadsheets and I keep track of everything I make including invoice numbers so it's easier at the end of the year to file my returns x

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  19. Thank you so much for sharing this! Doing taxes is seriously something I dread. Hopefully it goes smoothly this year!

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  20. These are fantastic tips! I think i need to start using Excel.

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  21. Lots of great tips. Being organised and keeping track of everything from the beginning can make such a big difference.

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  22. Not procrastinating is definitely a good tip because I always leave mine to the last min and should just update as I go

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  23. These are great tips- this is my first year being self-employed and I feel so overwhelmed when it comes to filing taxes this year.

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  24. Brilliant tips, it is such a stressful time, especially if it is your first one.

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  25. Thank you so much! Goodbye tax stress!

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  26. This is defo one to bookmark and keep in mind for the future and the horrors that are adult life

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  27. Great post and tips. This is one part of being my own boss that I hate! Kaz

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  28. These are such great tips Nanya - it reminds me that I need to get some admin done...!

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  29. This is very informative and will definitely help out anyone new to doing this

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  30. Really good tips Nayna. Wish some of Arun's clients would follow it. Some of them leave everything to the last day and often don't have all the paper work.

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  31. This is a really useful post for tax payers Nayna.. well done !

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  32. Useful info. Thanks for sharing.

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  33. Great tips for filing a tax return for the first time.

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