Premier Member Profile

Greenwood Wealth Solutions

Contact: peter greenwood
Address: St. John's House, St. John's Street, Chichester , West Sussex, PO19 1UU
T: 01243 850 030 | M: 07850 883 501
.(JavaScript must be enabled to view this email address) | Company Website

We offer a personal wealth management service. We do not provide off-the-shelf (or off-the-web) solutions, but offer you the benefit of a single relationship…

Listed in: Wealth Management

Phew! Self Assessment deadlines are over for another year...  

Well done for getting yours in on time! But could it have been smoother? Here are some simple ideas to prepare for your tax return - next year!

The following five points will help you keep on top of the process throughout the year and avoid a last minute dash.

1. Note Down 5 Figures Every Month

Each month write down the following figures:

  • Salary – Gross, tax, bonuses, commission, NI, sickness if employed, if self-employed make a note of your sales and expenses in the month and place them in a file.
  • Dividends – Money received from shares held
  • Tax credits/benefits – Paid directly to you
  • Expenses – Those paid by you in cash or card and update mileage details/costs claimed, print out the electronic copies of receipts from your email while they are still fresh.
  • Additional income – Rents, lump sums, other income, cash receipts

2. Photocopy Useful Documents

Take copies of Payslips, dividend vouchers and letters from HMRC and pop them in a folder with my name on it!

3. April Bank Statement

To avoid having to request paper statements, sit down in April and print/download your statements from 5th April the previous year for 12 months. You will need statements for your own personal account and any joint accounts where you are named.

4. Create a Share Calendar

If you hold shares, make a note of the company name, number of shares held and the value per share at the end of each month.

5. Investment List

Create a list of all the investments or assets you have including ISAs, property, shares etc. Make a note of what you paid for them originally and the cost of any enhancements you’ve made. This is quite a useful exercise, so you can remember exactly what you have! That way you will also have the information to hand when you need it.

Some of these are one-off actions and some occur every month, but if you carry them out at the time, it is far easier for you, will only take around 5 minutes of your time and will avoid the very real risk of submitting a late return by leaving it until the last minute.

Let me know if you need any help!