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Did You
Know?
Practice No.
13444
Getting Started on
Your Tax Return
How to get started on your Tax Return.
If you usually complete a paper tax return then I’m afraid the deadline of midnight on 31 October has now passed and to avoid penalties you have no choice but to submit on-line. This year is the penalty for late submission applies to all not just those who owe tax.
So what should you do now? For many the thought of completing the annual HMRC Tax Return is something that at best can be described as ”still to be done” right up until a few weeks before the deadline of 31st January, for on-line. We all promise ourselves that next time we will do it in time avoiding the panic and the minimum £100 penalty for being late.
So here are a few simple steps to help you get ready to complete your Tax return avoid that the panic and late penalty.
1. Find the letter asking you to complete the return, it contains the reference number needed.
2. If you completed your last return online then find your user ID and password. If you have not done it online before then you must register to get a ID and password sent; allow 7-10 days for this.
3. Make a list of all your sources of income, employment, self-employment, bank/building society interest, pension dividends, property income etc.
4. Add to your list any payments you make such as private pension savings, professional subscriptions related to your job or expenses not reimbursed by your employer.
5. If you or your spouse/partner has income over £50,000 and you or your spouse/partner receive child benefit; calculate the amount you received during the tax year and add to the list.
6. Finally think about any payments you have made to charities; did you gift aid any, It’s worth thinking about the days out you had to that castle or stream railway... did you gift aid the entrance fee?
So you now have a list of the main things that need to be shown on your tax return, you must find the paperwork that relates to the list. Don’t forget if you can’t find a bank statement or certificate of interest received it will take time to get a replacement so get on to the bank straight away. Once you have all the paperwork you are ready to complete your return but don’t leave it on the side to collect dust, the New Year will soon be here and so will the feeling of panic. If you would like TaxClever to help with completing your return give me a call on 01303 271309 or drop me an email at info@taxclever.co.uk or see our Tax Return Services
If you usually complete a paper tax return then I’m afraid the deadline of midnight on 31 October has now passed and to avoid penalties you have no choice but to submit on-line. This year is the penalty for late submission applies to all not just those who owe tax.
So what should you do now? For many the thought of completing the annual HMRC Tax Return is something that at best can be described as ”still to be done” right up until a few weeks before the deadline of 31st January, for on-line. We all promise ourselves that next time we will do it in time avoiding the panic and the minimum £100 penalty for being late.
So here are a few simple steps to help you get ready to complete your Tax return avoid that the panic and late penalty.
1. Find the letter asking you to complete the return, it contains the reference number needed.
2. If you completed your last return online then find your user ID and password. If you have not done it online before then you must register to get a ID and password sent; allow 7-10 days for this.
3. Make a list of all your sources of income, employment, self-employment, bank/building society interest, pension dividends, property income etc.
4. Add to your list any payments you make such as private pension savings, professional subscriptions related to your job or expenses not reimbursed by your employer.
5. If you or your spouse/partner has income over £50,000 and you or your spouse/partner receive child benefit; calculate the amount you received during the tax year and add to the list.
6. Finally think about any payments you have made to charities; did you gift aid any, It’s worth thinking about the days out you had to that castle or stream railway... did you gift aid the entrance fee?
So you now have a list of the main things that need to be shown on your tax return, you must find the paperwork that relates to the list. Don’t forget if you can’t find a bank statement or certificate of interest received it will take time to get a replacement so get on to the bank straight away. Once you have all the paperwork you are ready to complete your return but don’t leave it on the side to collect dust, the New Year will soon be here and so will the feeling of panic. If you would like TaxClever to help with completing your return give me a call on 01303 271309 or drop me an email at info@taxclever.co.uk or see our Tax Return Services