Filing taxes can sometimes be a long and complicated process.
When you’re filing your own taxes, this might put you off from getting started or getting the return completed on time, opening you up to surcharges and fees.
However, with a little organisation, the process is a manageable one.
Here are some little things you can do throughout the year to ensure a stress free tax return:
Timing
The deadline for submission of self assessment tax returns to the Revenue Commissioners is 31st October.
It is good practice to get your accounts prepared as early as possible for the following reasons:
- Establish your tax liability early to allow you gather the funds to pay your tax liability in October.
- You have plenty of time to review your accounts and identify possible missing expenses etc that may reduce your tax liabilities.
- Identify problems that may exist in your business early – October is far too late to identify problems that may have existed in the previous year.
Be Organised
Have a simple system for recording all of your business transactions. This can be either a hand written system or computerised using excel or one of the many online accounting solutions such as Surf Accounts, Xero, QuickBooks etc.
Keep receipts\invoices for all business expenses.
Claim All Expenses
The general rule for claiming business expenses is all expenses “wholly & exclusively for the business”.
Keep record of all expenses that you think would be claimable. Your accountant can advise you on these when preparing your tax returns.
