Welcome to CW Licensed Bookkeeper & Accountant

152 Days Until the Tax Deadline – Get Ahead and Avoid Last-Minute Stress!

Chris White • September 1, 2024

152 Days Until the Tax Deadline – Get Ahead and Avoid Last-Minute Stress!

Are you ready for tax season? With 152 days left until the tax deadline, now is the perfect time to start preparing. Waiting until the last minute can lead to unnecessary stress and the potential for errors. By getting started early, you can ensure everything is in order, take advantage of all possible deductions, and even save some money. Here’s a simple guide to help you get organized and ahead of the curve.


1. Gather Your Documents Early

Start collecting all necessary paperwork now. This includes income statements, expense receipts, bank statements, and any relevant tax forms (like P60s, P45s, or self-employment records). Having everything organized in one place will make the process much smoother when it's time to file.


2. Review Your Finances

Take a close look at your finances over the past year. Identify any changes in income, investments, or business expenses. Doing this early will help you spot potential tax deductions or credits you might qualify for.


3. Plan for Deductions and Credits

Make a list of deductions and credits you may be eligible for. Common deductions include home office expenses, charitable donations, education costs, and medical expenses. Make sure you have the necessary documentation to back up these claims.


4. Consult with a Professional

Even if you’re planning to file on your own, consulting with a tax professional can provide valuable insights. They can help you identify deductions you might have missed and ensure you’re fully compliant with tax laws. Early consultation also means you’re not scrambling for advice at the last minute.


5. Set Aside Time to File

Mark specific dates in your calendar dedicated to working on your taxes. Break the task into manageable chunks, like organizing documents one day, filling out forms another, and reviewing everything at the end. This way, you won’t feel overwhelmed.


6. Consider Filing Electronically

Filing your taxes electronically is faster, more accurate, and often results in quicker refunds. Many tax software programs offer step-by-step guidance, making the process easier. Plus, you can file directly with HMRC or your country’s tax authority, ensuring your return is received and processed on time.


7. Don’t Forget Estimated Tax Payments

If you’re self-employed or have other income not subject to withholding, don’t forget to make estimated tax payments. Missing these could lead to penalties, so stay on top of your payments to avoid any surprises.


8. Stay Informed of Changes

Tax laws change frequently, and staying informed is crucial. Keep an eye on any new tax legislation or updates that might affect your filing. A tax professional can help you navigate these changes and make sure you’re in compliance.



Get Help If You Need It

Taxes can be complicated, and it’s okay to ask for help. Contact CW Licensed Bookkeeper & Accountant at info@cwabc.co.uk or call 07306 812321 for expert advice. Whether you need assistance with tax planning, filing, or managing your records, we’re here to help you make this tax season stress-free.

By Chris White January 17, 2025
MTD ITSA FAQ – Everything You Need to Know
By Chris White January 17, 2025
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) is a major shift in the way self-employed individuals and landlords in the UK manage and report their taxes. This government initiative aims to modernize the tax system, reducing errors and streamlining the process. If you’re self-employed or a landlord, MTD ITSA will affect how you record your income and file tax returns. Here’s everything you need to know about what it is, how it will impact you, and how to prepare for the change. What Is MTD ITSA? MTD ITSA stands for Making Tax Digital for Income Tax Self Assessment . It builds on the government’s Making Tax Digital initiative, which is already in place for VAT. MTD ITSA focuses on digitizing how self-employed individuals and landlords report their income tax. Under MTD ITSA, you’ll need to: Keep digital records of your income and expenses. Submit quarterly updates to HMRC using MTD-compatible software. File an End of Period Statement (EOPS) and a Final Declaration to confirm your annual income and tax obligations. Who Does MTD ITSA Apply To? MTD ITSA will roll out in phases: April 2026 : Applies to self-employed individuals and landlords with an annual income exceeding £50,000. April 2027 : Expands to those earning between £30,000 and £50,000 annually. Future plans for individuals earning below £30,000 are still under consultation, so it’s essential to stay updated. How Will MTD ITSA Affect You? Digital Record-Keeping If you currently use spreadsheets or paper records, you’ll need to switch to MTD-compatible software to maintain digital records. Quarterly Reporting Instead of submitting one annual Self Assessment tax return, you’ll file four quarterly updates summarizing your income and expenses. End-of-Year Submissions You’ll still finalize your accounts at year-end, but the process will be streamlined with digital tools. More Transparency With quarterly updates, you’ll have a clearer view of your tax obligations, reducing surprises at year-end. What Do You Need to Do to Prepare for MTD ITSA? Check if MTD ITSA Applies to You Review your annual self-employment or rental income to determine when you’ll need to comply. Choose MTD-Compatible Software Popular options include QuickBooks, Xero, and FreeAgent. We can help you select and set up the right software for your business. Organize Your Records Ensure your income and expenses are up to date and transition from paper records to digital systems. Learn the New Process Understand how to submit quarterly updates, End of Period Statements, and the Final Declaration. Seek Professional Advice Navigating MTD ITSA can be challenging, especially if you’re new to digital accounting. A trusted bookkeeper can guide you through the process and ensure you remain compliant. How CW Licensed Bookkeeper & Accountant Can Help At CW Licensed Bookkeeper & Accountant, we understand that MTD ITSA can feel overwhelming. That’s why we’re here to make the transition as smooth as possible. Here’s how we can support you: Tailored Advice We’ll help you understand how MTD ITSA impacts your specific situation and create a plan to ensure compliance. Software Setup and Training We’ll assist in choosing, setting up, and training you on the best MTD-compatible software for your needs. Quarterly Reporting Support Let us handle your quarterly updates to HMRC so you can focus on running your business. Year-End Submissions From the End of Period Statement to the Final Declaration, we’ll ensure your year-end reporting is accurate and timely. Ongoing Support We’re here to answer questions, provide troubleshooting, and keep you on track with MTD requirements.  Get Ready for MTD ITSA Today! MTD ITSA is a significant change, but you don’t have to navigate it alone. With CW Licensed Bookkeeper & Accountant by your side, you can make the transition stress-free and compliant. 📧 Contact us today at info@cwabc.co.uk 📞 Call us on 07306 812321 Let us help you prepare for the future of tax reporting!
By Chris White December 29, 2024
Making Tax Digital: What It Means for You and How to Prepare
Share by: