DIY – know your limits

BriefcaseLike fish and chips or even Ant and Dec, DIY and the Great British public just seem to go together.

Isn’t there a certain satisfaction in building something for yourself?  There can be a great sense of achievement and, unless you are very unlucky, what does it matter if it goes wrong?

For me though, the great thing about DIY is that people usually know their limits.  Yes, you can paint a room or put together a piece of flat pack furniture, but if you want an extension or a new kitchen you know to call in the experts.

Sadly, many people do not follow this logic with their financial affairs. Tax is not straightforward and a mistake can leave you with a large bill with interest and penalties.

A badly prepared DIY tax return can be far more stressful and financially damaging than building any piece of furniture.

Take a minute to think about your last tax return.  Did you claim all the expenses to which you were entitled?  Did you separate expenditure into capital and revenue? If you own a rental property jointly, are you sure that you returned the correct amount of income on each tax return? Although the software may make it seem fairly straightforward, the detailed guides and notes behind the scenes run to hundreds of pages.  Did you look at any of these – or like the instructions that came with the furniture, did you have a quick glance and carry on regardless?

Unlike hiring a professional for your DIY, with tax advice you may even receive tax relief on our advice making the cost even lower.  Did you know that we provide peace of mind for a net cost from as little as £12 per month?  What is more, we provide free initial consultations – there really is no excuse for you to risk your tax affairs falling apart!

 

More to tax than January deadline!

HM Revenue & Customs have announced changes to reports you send from April 2014 on PAYE real time submissions.

The update covers late reporting reasons to online appeal facilities being introduced.  More details can be found here:

http://www.hmrc.gov.uk/news/rti-changes.htm

Alternatively, why not relax and let the cleartaxation team manage your payroll today.  We are tax experts and will be happy to take this stress off your hands to enable you to focus on what you know best – your business.

cleartaxation news

We are tax experts, but in our news section we are not looking to baffle you – we hope that you find this an interesting resource that helps to clarify tax changes.  We will have guest bloggers and will be happy to answer any tax questions that have been troubling you – get in touch.

Journalists enquiries - we are happy to discuss any tax matters with you and help you understand the story – give us a buzz!