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Tax Return

Feeling Satisfied That The Tax Return Is Completed | Help Completing Tax Return
Feeling satisfied that the tax return is completed 758 513 Stepping Stones Accountancy

Feeling satisfied that the tax return is completed

The thought of completing tax returns or doing bookkeeping can turn even the most productive of us into professional procrastinators. Anything that can help avoid the task can suddenly seem like the most essential thing on your to do list. Meaning that you can very easily fritter away the most important asset in your business – your time! As the business owner it is vital that you are efficient with your time to maximise the amount that you can achieve in your day.

So, how can you stop putting it off? Make it fun!

Ok, so maybe fun is pushing it but injecting a little bit of light-heartedness into the situation can help make the task seem not so daunting.  Here are some ideas to try, but feel free to create your own handy tips.

Firstly, get yourself ready:

  • Allocate yourself a specific cup that you love for that all important coffee. One that is fun and makes you smile is an added bonus.
  • Use that cup every time you sit down to do your bookkeeping or tax return and only then.
  • Have a special stationery box for the occasion. You can have a fun pen, highlighters, special post it notes and even your Peppa Pig ruler. No judgement, whatever makes it more enjoyable for you.

Begin:

  • Choose your favourite music to match the mood. Perhaps some classical to calm the mind or some techno to get the blood pumping and the mind working? Find the genre of music that makes you most productive and gives you a lift.
  • Think about what scents calm you. Perhaps a certain candle or air fresher can provide an aroma to provide a tranquil workspace?
  • Another trick that all great procrastinators have up their sleeve is the snack walk. The need to just get a quick snack before your settle down to the task. If you plan ahead and have your snacks to hand, there really is no need to go wandering. Even better, it could be a special treat that you only allow yourself when you do your accounts thus giving you something to look forward to.

In short attaching positive associations to a task that you are not looking forward to can make it seem much more attractive and more likely to get done. Freeing your time up to get on with running your business.

If you have any questions or need some help with your tax return, please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free 30 minute call with Yarka – https://calendly.com/yarka-ssa/30min

Why do we need quarterly updates with Making Tax Digital (MTD) | Tax Advice MTD | Advice on Making Tax Digital
Why do we need quarterly updates with Making Tax Digital (MTD)? 758 513 Stepping Stones Accountancy

Why do we need quarterly updates with Making Tax Digital (MTD)?

As the Making Tax Digital (MTD) scheme continues to gather momentum there are many business owners still unsure of their commitments. However, the requirements can be broken down into 4 key measures which determine why taxpayers (even those who may have a small turnover as little as £10k) are required to provide a breakdown of income and expenses. This needs to be done via an online accounting platform which is approved by MTD and submitted every quarter.

Keeping up to date

By submitting a quarterly return, a business is keeping up to date with their returns and complying with their commitments to MTD. The regulations state that a quarterly filing deadline needs to be submitted online.

More accurate provision for tax payments

Any profit which is reported within the quarterly updates will allow the HMRC to provide an estimate of the tax payments a business might have to make during the tax year. The clear benefit of this is that a business will know how much tax they need to pay and when they will need to pay it, thus allowing for accurate budgeting.

Vital business analysis

Whilst a small business might think their quarterly tax return is only important to them, it is also a very useful tool for the HMRC. Being able to evaluate the data received from tax returns enables them to provide some informed and critical business analysis in relation the state of the economy.

Penalties for late submissions

To ensure businesses recognise the importance of quarterly submissions, HMRC will be implementing penalties to anybody who fails to comply. Penalties will be based around a points system, where any late submission means points added to an account. When a designated number of points are accrued a fine will be issued. Points will stay on record for 24-months after which they will be wiped from the record. To find our more please follow this link – https://www.gov.uk/government/publications/penalties-for-late-submission/penalties-for-late-submission

If you have any questions in relation to Making Tax Digital our team would be happy to help. Please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

Key accountancy dates to remember 150 150 Stepping Stones Accountancy

Key accountancy dates to remember

In this latest animated video we provide some of the key accountancy dates that everybody should be aware of.

5 Tips To A Smooth Tax Return 150 150 Stepping Stones Accountancy

5 Tips To A Smooth Tax Return

If you apply our simple tips you can be assured that your tax return will be a lot easier to complete.

Complete your tax return in June 150 150 Stepping Stones Accountancy

Complete your tax return in June

In our latest animated video we explain why you should completed your tax return in June.

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