Taxing Times - tips for landlords facing self-assessment deadline

Posted on Tuesday, January 25, 2022

A tax consultancy has produced tips for those faced with the self-assessment tax filing deadline of next Monday - and who have yet to complete the task. says the average self assessment tax return takes approximately two and half hours to complete online. 

It claims that this means if you set aside just 19 minutes a day between today and the 31st you'll likely complete it and won't have it hanging over your head for the whole of February. 

The website’s tips are:

1. Set a realistic plan and stick to it no matter what get's thrown at you. Commit to spending 19 minutes a day on your tax return for the next eight days. If it takes you a little longer, don't panic because you have until the end of Feb before you're fined for being late. 

2. Promise to reward yourself. Reward yourself with something you enjoy every time you spend 19 minutes on it, even if it's just sitting down to watch Netflix afterwards. 

3. Minimise distractions. For those 19 minutes, put your mobile phone on silent and place it face down. Collapse all other tabs on your desktop and only have the ones you need open. If you're working from home and the kids and dog are around your feet, lock yourself away to get it done. 

4. Ask someone to check you've spent 19 minutes on it every day. Get someone to ask you every day if you've spent 19 minutes on your Self Assessment. Your husband, wife, kids - be accountable to somebody. 

5) Stop over-complicating things. Perfectionism is one of the biggest reasons for procrastination. If you're waiting for a perfect time to do your Self Assessment, there will always be reasons standing in your way to put it off. 

HMRC has said if you're going to struggle to get your return in, you won't receive a fine for getting it in late, providing you file by February 28. 

Via LandlordToday