Clearview National February 2019 - Issue 207 | Page 75
BUSINESSNEWS
Never say ‘never again’ again
Tax preparation specialist issues advice to taxpayers to simpler and more efficient taxes.
» » WITH ONE TAX RETURN JUST
ended and another tax year just a few months
away, there will be many Clearview readers –
especially small and medium-sized business
owners – wishing they’d been a bit more
organised when it comes to paperwork and
book-keeping. David Redfern, managing
director of DSR Tax Claims Ltd, has issued
his list of tax tips, to make filling a return
much simpler and less stressful for employees
and self-employed taxpayers alike. And, even
though you’ll be sighing in relief that one
return is just out of the way, it’s never too early
to start planning for the next one…
‘there’s always a big push
around Christmas and
the New Year to remind
taxpayers of the Self-
Assessment deadline,
but less attention is
paid to some of the
other important dates
in the tax calendar’
The first resolution for Redfern is to keep
your financial records well organised to make
easy work of your taxes over the course of the
year. He states “Although it takes a little initial
planning, an organised system for keeping and
filing your financial records can make life so
much easier for you. Over the course of a year
we all get so many bits of paper, like payslips,
bank statements and our annual P60, that is
can be easy to lose track of them. Having a tidy
and organised system for keeping these records
will make life much more stress-free for you -
whether you are changing jobs or applying for a
mortgage so in need of your P60 and payslips.
Knowing where this information is can make
life so much simpler.” Redfern advises a two-
fold system for paper and electronic records so
financial records are always to hand.
Second on the list for Redfern is to
check you are claiming all the tax reliefs
you are entitled to. Each year millions of
pounds worth of tax relief goes unclaimed.
Redfern comments: “Whether it is Marriage
Allowance, which allows a couple to transfer
unused personal tax allowance between them,
or the tax reliefs open to employees, it makes
good sense to check what you are entitled to
claim. This is money that you are entitled to
and it can be as simple as filling in a form
on the HMRC website.” Redfern advises
employees to check whether they are entitled
to claim tax relief based on uniform wear,
working from home or for work mileage. He
added “Don’t forget about savings interest or
dividend reliefs as well as any pension tax relief
you might be entitled to.”
Next up for Redfern is to keep an eye
on your calendar. He advises taxpayers,
especially those who are required to file a
Self-Assessment tax return, to make a note of
important HMRC dates in their diaries. He
states that: “there’s always a big push around
Christmas and the New Year to remind
taxpayers of the Self-Assessment deadline,
but less attention is paid to some of the
other important dates in the tax calendar.
If you are required to make payments on
account towards your tax bill, then the second
payment is due on 31st July. Those who are
submitting a paper tax return need to have
sent it by the end of October. P60s are due
after the end of the tax year - these are all dates
to keep an eye on.”
Redfern’s final tax resolution is aimed at
those who are required to file a tax return.
He urges those taxpayers to keep HMRC
compliance firmly to mind when they
complete their Self-Assessment. He comments
that “for some, there is a temptation to
exaggerate expenses or omit small but
significant areas of income, but it is foolish
in the long run. The penalties and fines for
non-compliance outweigh any benefits and
that doesn’t account for the stress caused by
looking over one’s shoulder to see if HMRC
are about to knock on the door.”
ABOUT DSR TAX CLAIMS LTD
DSR Tax Claims Ltd is a firm of tax rebate
specialists serving clients nationwide. DSR
Tax Claims is a team of tax preparation
experts who specialise in identifying potential
allowable expenses for tax rebates for clients.
The specialist team can help employed and
self-employed subcontractors with all relevant
paperwork to ensure their claim is handled in
an accurate and efficient manner.
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