Focus on what matters
We know, we know – tax returns just aren’t that sexy. But then again, that’s probably not what the politicians had in mind when they said we have to do a self-assessment tax return, even though it wouldn’t have hurt if they had spiced them up a bit somehow.
They get in the way, distract you from business, they’re confusing, and perhaps worst of all, they’re a proper drag!
But if you get one, you have to do it, or HMRC will slap you with a fine. £100 for a day late, to be exact, which is a big amount of cash for a forgotten bit of paperwork.
As tax return accountants, we can help you do your self-assessment so you don’t have to worry about it, and can crack on with what actually matters – your business and personal life.
One reason why self-assessment forms can take an age to do is to do with working out all of your income, which good bookkeeping can help you with (did we mention the ‘B’ in KBS stands for bookkeeping?!) It can also take a while if you include all your business costs, which you should definitely be doing if you haven’t been already. If a business cost qualifies as what’s called an ‘allowable expense’, you can take away that cost from your taxable profit, leaving you with a smaller tax bill.