Tax slaying mantras
There are only a few things to remember when using TAXO’D. These are the keys to an “exhilarating” tax life.
- Record as you go
- Play catch up
- Ask for help
1. Record as you go
The single most important thing to remember is TAXO’D is built to be used on the go. Whenever you spend or earn, ask yourself: “Is this a business transaction?” If it is, record it, there and then. Doing this is the biggest favour you can do yourself.
When you buy something for your business, save or take a snap of the receipt and hit 'MINUS' in TAXO’D to log it. If it’s income, hit 'PLUS'.
2. Play catch up
Have you recorded your transactions as you went along? Well done if you did, but let’s face it, you probably didn’t. Get back on track by setting aside just a few minutes each day to get through the backlog. Just remember to enter the right date for each one.
3. Ask for help
There are no dumb questions when it comes to tax, don’t be afraid to ask for help (about anything). Remember your three lifelines:
- Hold For Help anywhere in TAXO’D
- Go to HELP & LEARN to find help on all topics
- Hit ASK US ANYTHING from the Help & Learn section
Note: Over the last two years, there were £176 million issued in fines for late filing. A million people filed on January 31 in 2016, 890,000 missed the deadline and got fined (a minimum of) £100.
Record as you go, catch up when you fail, and avoid that horrible situation.