Tax Returns and Motherhood: Avoiding the HMRC hell!
As if motherhood wasn't enough of a rollercoaster, add in the annual tax return stress, and it's like strapping yourself in for the wildest ride of the year. But fret not, our lovely mums, because we've got your back!
In this post, we'll hold your hand through the tax return turmoil, providing practical advice, deadlines, and a sprinkle of sanity-saving tips.
How to Handle Tax Return Stress
Early Bird Gets the Worm (and Less Stress!): We know life with little ones can be a whirlwind but tackling your tax return early is like getting a head start in a marathon. Beat the January rush, and you'll thank yourself later. Take moments here and there to get things in order, keep notes, file away invoices etc.
Payment Plan Panache: If the tax man has given you a financial curveball, fear not! You can set up a payment plan to ease the burden. HMRC is surprisingly understanding when it comes to working out a deal that suits your budget. Reach out, and let them know your situation, give them the real picture, they will most likely ask questions around your income and expenditure so may help to have an idea of these figures beforehand. Just try and get that phone call in sooner rather than later as the wait time can be up to 2/3 hours at its peak!
Deadlines and Dancing to Their Tune: In the UK, the tax return deadline is April 5th for the previous tax year. Circle that date on your calendar and, if possible, aim to submit before the January 31st (TODAY!!!) self-assessment deadline to avoid late filing fines.
Dollars and Sense: Late Filing Fines: Speaking of fines, let's talk about the nitty-gritty. Filing your tax return late can lead to penalties, starting at £100 and escalating the longer you delay. Money that could be better spent on baby onesies or a well-deserved treat for yourself.
Navigating Stormy Waters: Helplines and Support for Financial Rough Patches
The HMRC Lifesaver Line: Feeling overwhelmed? Call the HMRC helpline at 0300 200 3300. They're there to answer your burning tax questions and provide guidance if you're facing financial difficulty.
Citizens Advice Bureau (CAB): For broader financial advice and support, the Citizens Advice Bureau is a treasure trove of resources. Visit their website or find a local branch to get personalized assistance.
Mental Health Matters: Stress around finances can take a toll on mental health. If you're struggling, don't hesitate to reach out to organizations like Mind for support and guidance.
Additional Life Rafts: Stress-Busting Ideas for Mums
Tea, Treats, and Time for You: Take a break, mama! Whether it's a hot cup of tea, a sweet treat, or a quiet moment with a good book, give yourself a breather during tax return mayhem.
Mummy Tag Team: Rope in your mum friends! Share tips, advice, and even a laugh or two about the craziness of tax season. Sometimes, knowing you're not alone can make all the difference.
Delegate Like a Boss: Don't be afraid to delegate tasks. Whether it's getting someone else to watch the little ones while you crunch numbers or enlisting a friend to proofread your tax return, sharing the load can lighten the stress.
Reward Yourself: When the tax return is filed and the stress begins to dissipate, treat yourself! You deserve a little celebration for conquering the financial chaos.
Remember, you're not alone in this journey. We've all been through the tax return hell, and we're here to support each other. So, put on your superhero cape, tackle those forms, and remember: You've got this!
