IT IS THE LAW THAT YOU KEEP 'FULLY COMPLETED RECORDS' FOR YOUR TAX RETURN FORM EACH YEAR
If you are SELF-EMPLOYED and/or in receipt of. LETTINGS, PROPERTY INCOME or INCOME FROM ABROAD you MUST also provide * 'FULLY COMPLETED RECORDS'
*This means that your records should be well documented and especially SUMMARISED in a BOOK with ALL your receipts tagged, grouped and marked up showing how they were paid (i.e. CASH or BANK and dated), all preferably in date of payment order, matched to your books.
A carrier bag or shoe-box of miscellaneous receipts is NOT a fully completed set of records and the Inland Revenue can penalise you up to £3000 for this failure)
Your Records MUST BE Prepared correctly, Provided when required and on time, and your Taxes and Fees Paid ON TIME.
Ideally you would need to know how to do all of this and get it all done BEFORE 30th JUNE following 5th April each year to guarantee you getting your Tax Return Form to the Tax Office by the deadline each year. There are now NEW deadlines:
31st October each year if you still wish to file a 'paper' return.
31st December each year if you wish to have tax you owe spread across the following year in your code number - AND you must file it on-line NOT on paper.
31st January each year (following the previous 6th April when the form was issued) ie:almost 10 months to get it done..... which is the FINAL date before HMRC can charge penalties for lateness.
EVERYTHING generally means, 'everything needed by way of documentation to enable you to complete EVERY page accurately on your ON-LINE Tax Return Form'. This includes ALL information for your Personal Income pages, as well as your SELF EMPLOYMENT or EMLOYMENT Pages from your BOOKKEEPING RECORDS and/or Property pages from your PROPERTY RECORDS. Such things as P45's, P60's etc, Form P11D AND Investment Details in terms of Interest Received and Tax paid at source certificates, may also be needed. Everyone is different and I can show you how to tailor make things for you, to minimise your time and effort and get it right for tax first time !
BOOKKEEPING RECORDS (FORMAT RECOMMENDED)
PRNCOM have a bespoke system called SIMPLA RECORDS which (once you've learned how to use it) takes about 30 mins a week to complete and formats everything into the right order for copying to your on-line or manual Tax Return Form. So you will ideally need:-
SIMPLA RECORDS 11 (or higher) in the R&P, Premier, Pro or GOLD versions,
Our SIMPLA RECORDS SYSTEM provides excellent Software to help you produce computerised Fully Completed Records for about 30 minutes a week of your time. This product is already very popular and recommend to all my customers. It enables you to KEEP CONTROL and there is a READ ME Training File OR better still One to One Training available at your home or place of work, for about the price of a piano lesson per session. On completion your records are kept by YOU and the ‘books’ which are already then FULLY COMPLETED can be used and printed out for assimilation into your Tax Return Form. You can buy the product AND the Training Sessions ON LINE at our PRNCOM Tax Shop.
OR you could use the following manual systems which we approve:-
SIMPLEXD,
COLLINS Green Book,
FINCO,
OR your own manual or computerised system IF it matches your needs and HMRCs requirements.
You can find more information by leaving a message at 07092 347 849 and PRNCOM will call you back to talk to you and make that first appointment.
NB: If you have to re-construct your records to a FULLY COMPLETED position it will certainly cost you MORE and your Tax Return Form may be delayed. I may ask you for a substantial payment on account to cover the extra coaching and training you may need. The task takes a considerable amount of extra time if you do not comply with the proper conditions each year, meaning that deadlines may not be met. You may therefore wish to consider a Total Solution package to meet your needs. I can assist by providing you with details of a recommended route to success. Latest legislation might prvent you doing a rush job at the last minute in January each year so the quicker you get to grips with learning how to do everything the better it willo be for you. It will mean that you may have to get it right for NEXT year and consider perhaps a provisional or estimated Tax Return Form this year if your Books etc are still 'in a mess'. REMEMBER: Record keeping is YOUR responsibility to be able to complete your own TAX RETURN FORM from your own records and/or books and information you have kept.
- ARCHIVES & STORAGE
At PRNCOM we keep all our records for at least 6 years in secure storage. If we are asked to keep customer records and/or records that customers do not take back we automatically charge an annual storage fee. This also covers the costs of keeping our customer computer records securely stored digitally and paperlessly. If customers wish to keep their own records then by using the SIMPLA RECORDS system the base records automatically stay with the customer thus reducing our storage costs and SIMPLA customers' storage charges to mere digital storage costs whcih are much cheaper. If we are keeping records already for customers a telephone call to our customer services can enable the release of these records back to you provided all costs are covered for the time we have stored them. We can also shred records on customer's behalf after any relevant storage period or arra ge their return via courier OR where they are not claimed, via HMRC if necessary.
