HM Finance Coaching

📆10 more sleeps until 31st January!

Are you feeling joyful, angry, disgusted, sad, embarrassed, envious, bored, sad, fearful or anxious about your tax return, your tax bill or both?😟 Let’s change how you feel😊...

👉 Have you taken a note of all your sales and expenses in the tax year? If so, congratulate yourself and skip to step 4️⃣! Otherwise, start at step 1️⃣ ↓

Step 1️⃣: Acknowledge that putting off the moment of truth only makes matters worse. Take a slow in-breath and out-breath.

Step 2️⃣: Take a step forward in time to 1st February. Imagine how you’ll feel once it’s all over. Sit with that feeling for two minutes. Take a deep breath and let it out slowly, then gently come back to today.

Step 3️⃣: Now let’s get started. Look over our previous posts or download our step-by-step guide if you’re stuck (see 👇). Take a few breaks if it gets overwhelming but keep returning until you’ve gathered a note of all your business sales and expenses in the tax year.

Step 4️⃣: Congratulate yourself👏 then log back into the government gateway portal. Starting from where you left it last time, answer each question in turn. Take a note of any questions you’re not sure of but, in the meantime, take a guess so you can keep moving forward.

Step 5️⃣: Take a few breaks if it gets overwhelming but keep returning to it until it’s fully drafted, taking a note of anything you still need to check.

👉 We’ll be back next week with another action but, if you’d like some support in the meantime, check out this guide written specially to help you do your tax return: https://hmfinance.sellfy.store/p/your-personal-step-by-step-guide-to-filing-your-tax-return-uk-only/

📆16 more sleeps until 31st January!

Are you feeling a mixture of sadness and anxiety about that tax bill? Let’s change how you feel...

👉 We’re assuming you’ve taken a note of all your sales in the tax year. If not, please go do that now.

Step 1️⃣: Congratulate yourself for pulling together the taxable income, whether it was a lot more than what you thought or a lot less. Take a deep breath and let it out slowly.

Step 2️⃣: Acknowledge that putting off the moment of truth only makes it worse. Take another slow in-breath and out-breath.

Step 3️⃣: Get out your paperwork or log into your accounting software. Start pulling together your expenses.

Step 4️⃣: Take a few breaks if it gets overwhelming but always return then pat yourself on the back when it’s complete.

👉 We’ll be back next week with another action but if you would like some support in the meantime check out our guide written especially for helping you do your tax return!

Filing last minute is the norm BUT it doesn't have to be! We've just filed our first tax return for 24/25 (and company P11D) and here's what the client says.

One more day left in the office for us until we close up for the holidays. Wishing you a vey Merry Christmas and a great New Year.

Margaret and Helen x

Do you know which documents you need to keep for tax purposes (and for how long)? Check your knowledge here:

https://financialresiliencehub.co.uk/keeping-paperwork-and-receipts/