8 • INDUSTRYNEWS
PROUD SPONSORS
OF THIS PAGE
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
readers of The Locksmith Journal –
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…
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
‘even
though
you’ll be
sighing in
relief that
one return
is out of
the way,
it’s never
too early
to start
planning
for the
next one...’
LOCKSMITHJOURNAL.CO.UK | JAN/FEB 2019
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.