Filing your self assessment tax return doesn’t have to be a burden. Find out how to streamline your self assessment with our top five tips.
‘Tis the season of self-assessment! And if you’re an individual or self-employed, a sole trader or a business partner who needs to file a tax return, this time of year can get stressful. But, good news – tax doesn’t need to be taxing. Organising your financial information using an app like Waseeya means you too can have a smooth self assessment process. Use our nifty tools to help meet deadlines and maximise deductions. Here’s how:
- Create a digital tax repository: Your tax return can be so much easier with good online record keeping. Backup all your important tax related documents on Waseeya’s secure, cloud-based Vault, and never worry about rooting around for an obscure piece of paper again.
Get started by saving all your uploaded documents with the tax year in the heading, and use subfolders (or ‘sub-tags’ as we call them) to categorise things like income statements, expenses, and deduction documentation.
- Digitise Receipts: This is life-changing for the luddite in you. With Waseeya’s ‘receipts’ tag, all you need to do is scan or take a photo on your phone and upload it every time you have a business receipt. You can even create a sub-tag to organise your receipts by month; then just use the app to upload. If you’re on the go, you can benefit from our cross platform solution too. Just record the receipt, then pop on your PC to sort out your tax receipts properly at home. This not only reduces paper clutter but also means you always have a clear record of deductible expenses for your tax return.
- Track Assets and Investments: Keep a record of your assets, investments and debts on the Waseeya app. Tracking your income, expenses, and other financial transactions can help simplify the process of filling out your self-assessment forms. It also helps if you decide to use the wills function within the app later on, as all your assets and liabilities would have been set up.
- Cut through managing in multiple locations. Customise your Waseeya vault and store all your Bank statements, receipts, expenses, investments in one secure space, offering cross platform access, Mobile, desktop, laptop.
- Smart and secure Document Sharing: If you do collaborate with an accountant or tax professional, use Waseeya’s secure document-sharing function in tandem with our bank level encrypted Vault. Sharing is now safe and secure. No more risks of malware in attachments, or phishing links. Document collaborating for self assessment has never been easier.
By leveraging the power of Waseeya’s digital Vault, you can finally streamline the process of self assessment. So, at Waseeya, we say: Bring on Self Assessment!