How To Get Yourself Out Of A Tax Panic

It’s no good us telling you to get your tax affairs in order before Christmas as we enter the new year but it is worth bearing in mind for next year if you want to avoid those same feelings of dread. Until then here are some of our top tips on how to prevent a last-minute self-assessment panic.

Start with one task at a time
If your income records are non-existent and you are faced with scrabbling around for payment receipts from the past 12 months don’t let it get to you. As with any mountainous tax start with one thing at a time. Don’t expect to cover everything in one day or you may end up making costly errors.

Set aside time where you won’t be disturbed
If you are one of the growing army of people operating a business from home, finding time where you won’t be disturbed by others in the house can be difficult if not impossible at weekends and holiday times. So as tax returns are one of the more onerous tasks on your plate at the start of the New Year, this might be best sorted by setting aside an hour or two each week day or at times when nobody but you are at home.

Get yourself a good accountant
Do you really need to be putting yourself through aa self-assessment ordeal every year when there are people who enjoy this kind of work? If you find tax returns a massive burden make your life less stressful by hiring an accountant to do them for you.