At the start of February, taxpayers all over the country were able to breathe a collective sigh of relief. Self-assessment season came to an end, with a total of 93.68% of returns filed on time.
According to HMRC, more than 11.5 million taxpayers were required to file self-assessment for the 2017/18 tax year, but around 700,000 taxpayers missed the deadline.
The Revenue also released a selection of outlandish excuses made by some of those who didn’t manage to file on time, including one person’s claim that “my mother-in-law is a witch and put a curse on me”, and another who said they were “too short to reach the post box”.
Whether you’re also battling supernatural powers among your extended family or you just want to reduce the stress of self-assessment, there is an easier way.
By managing your accounts with Xero throughout the year, you can make your returns quicker and simpler to deal with by the time the deadline comes.
Keep your records accurate
When you’re updating your records throughout the year, you spread out the workload and significantly reduce the risk of incorrect data entry.
This can be a weight off your mind, eliminating the need for any last-minute hurry in January – the information’s already there.
Jason Fussell, our tax manager, adds:
“Using Xero will help you save time. Time is so precious, especially in the world we live in now.
“At first this change may feel daunting and not worth the hassle, but we know it will help you in the long run.”
Easily access your data
Using Xero, you can see all of your information in one place rather than digging back through a year’s worth of paper records.
Plus, with everything stored online, there’s no risk of misplacing a receipt or losing a USB drive.
Collaborate with us
Real-time updates and collaborative working mean there’s no need for time-consuming back-and-forth conversations with us.
We can view your data and understand your tax position, without any extra effort on your part.
Prepare for Making Tax Digital
As Making Tax Digital (MTD) gradually extends its reach, the end of the annual self-assessment tax return is in sight. Eventually, this Government scheme will see all tax information filed automatically through MTD-compatible software.
Using Xero means you’ll be ahead of the curve, and won’t have to make any major changes once digital tax reporting becomes compulsory for all.
How we help
Easier self-assessment is just one of many reasons our clients love Xero, and we’re happy to help you set it up and start seeing the benefits for your business.
Find out more about our self-assessment service, working with Xero, or get in touch if you have any questions.
