3 TIPS TO HELP YOU COMPLETE YOUR TAX RETURN WITH EASE

Our team of specialist contractor accountants are here to help you complete your self-assessment tax return with ease.

The deadline for online submission of your tax return is January 31st, but you don’t need to wait until then. The sooner you submit your return the sooner you will receive any rebate which may be due.

1. Keep a record of all your income sources

You will need to account for all income sources on your tax return. If you’ve earned income only from your contracting work, then you’ll find this very straight-forward. As a Crest Plus Umbrella or CIS worker you’ll have access to our contractor portal where all your important documents are kept – personal details, pay slips, etc. However, if you have income from other sources, you’ll need to ensure these are recorded properly on your self-assessment. Other sources include:

• Any benefits you have received ie. maternity/paternity pay, SSP.
• Pension income.
• Property income.
• Interest from bank accounts or dividends you’ve received.
• Any capital gains.

2. Check what expenses you can claim for.

It’s important to claim tax relief on allowable expenses only. You can read our article which explains what expenses CIS workers can claim. https://www.crestplus.com/2019/05/expenses-can-cis-workers-claim/ . You’ll see there are a variety of allowable items from tools, equipment and clothing to administrative costs.

If you’re an Umbrella employee, you may be able to claim tax relief on any expenses through a P87 document. For further information please read our article on Umbrella expenses or get in touch if you wish to check anything.

3. Keep complete and accurate records

Your self-assessment tax return will need to be supported by documentation which evidences the relevant items, so make sure you keep accurate copies of invoices, mileage records, bank statements and notes about money taken out of the business or any personal money you put into it. You should also store receipts for all items you’ve bought.

Here to help

We are here to help you complete your self-assessment tax return quickly and easily. If you have any questions about your tax return, please get in touch. You can also utilise our contractor tax return service, we’ll take care of everything so you can be sure your tax return is completed on time and accurately.