Its that time of year again. Tax Season. October is almost upon us and I strongly recommend anyone who needs to file a tax return get it in soon. October is a very busy month for all accountants and tax advisors and your accountant/advisor will have more time for you in September.
Heres some tips for getting ready for 2010’s tax return
- Check your records, If you miss a sales invoice you could understate your tax and ultimately be fined, if you miss a purchase/ expense invoice you could pay more tax than you need to (Not good)
- Try to avoid the shoe box of doom. Sending your accountant a shoebox full of paperwork will increase your bill as they have to spend time sorting through it and entering the data. If your too busy / lazy to send in an excel sheet with your information at least use a tool like Plendi to capture the data.
- Don’t put crazy expenses in. Unless their protective you cant claim for shoes, so take the receipt out for the Jimmy Choo’s
- Read the revenue guide to allowable expenses
- If you are a company director or employee ensure you claim your correct mileage and subsistence
- When you get your accounts back from your accountant take a careful look at them. Are your sales down on a previous year? Are your expenses up? Use the information to improve your business.
- Don’t forget your medical expenses ,service charges and rent tax credits
- If you’ve gotten married recently or are in a civil partnership make sure the revenue know.
- Certain social welfare payments are taxable. If you received one during the year be sure to check if yours is, Even if its not taxable it may have to be shown on the return.
- If you can’t afford to pay your tax bill speak to the revenue as soon as possible. If you ignore it they will take action. If you contact them and make payment plans you can work it out.