You’ve started your own business. You are strong, brave, and independent. On your journey, you likely had to ignore bad odds and doubters. Now you’ve made it you are FEARLESS. Or, at least, nearly. There’s just one thing which strikes fear into your heart: the idea of your self-assessment tax return.
This is especially the case if you’re still in your first year of operations. That dreaded brown envelope came through your door back in April, but you’ve hidden it in a drawer like it might bite. You have every intention of leaving it there until next January in the hopes that it might disappear.
But, as with all fears, you need to address this if you’re to have a happy and booming business. It’s past time you stopped letting tax terror take its toll. Lucky for you, I’ve got a few suggestions which could cure your phobia. Read on to find out what they are.
Let someone do it for you
This may sound like the opposite of facing your fears, and in some ways it is. But, they do say real strength comes from asking for help. So, if your tax terror is leaving you awake at night, it might help to reach out.
All you need to do is turn to one of the many accounting companies who could do your assessment for you. Don’t worry about affording this with your starting profits, either. There are many affordable contractor accountants out there who would suit your needs.
An accounting firm can take care of all tax issues for you, from your expenses to your assessment itself. So, there really is no need to be afraid anymore.
Face your fears fast
If your current profits won’t stretch to this, it’s time to face your fears, and fast and tackle it yourself. Fear only worsens the longer you leave it. You may think you’re doing yourself a favour by ignoring the issue, but it’ll always be in the back of your mind. Before you know, that assessment will be a much more significant hurdle to get over. So, face the fears and do it now.
This also gives you a chance to take your time. You can even go back and rectify any mistakes if you send your return in plenty of time. Whatever you do, don’t leave it until the last thing on January 31st. Using an accounting software that works out your self-assessment for you is helpful.
Arm yourself with knowledge
Of course, we aren’t going to send you into the firing line without arming you with coping methods. Your best tool would be arm yourself with knowledge. There are plenty of YouTube videos and written tutorials about how this.
If you’re acting ahead of time, you should also have no trouble phoning HMRC and asking for help. In December and January, you’ll struggle to fight through the phone queue. But, the rest of the year isn’t as bad. So, if in doubt, ask the professionals. Remember what I said about asking for help? Do this, and you’ll never need to feel that fear again.
This is a collaborative post.