The five simple things to complete your UK tax return are;
Store all documentation
Whatever form of records you keep, make sure you keep them stored in one place in a tidy fashion. When the time comes to complete your tax return, you will be glad that you did this later on.
Proper preparation will reduce your costs
The better your record keeping, the less an accountant has to do. This will save time and money every year. There are many types of basic bookkeeping aids you can buy, either as a computer program or a good old fashioned Simplex accounting book- ideal for double entry bookkeeping.
What documents and records do you need for your tax return?
Typically, you need to keep
- Your P60 and/or P45 from your employment/self-employment
- Details of pension income
- Details on income received from property
- Records of any capital gains/ losses
- Income received from your savings and investments
- Details of any additional income
- Details of gifts and donations made to charity
Keep your receipts
It might sound obvious, but all allowable costs reduce your ultimate tax bill. Keep all receipts, your accountant will advise what is and what is not allowable.
Don’t leave it until the last minute
Don’t risk a fine for late filing
The deadline is 31st January each year
Even registration to file your tax return online takes 7 days to process – and not registering in time is not a sufficient excuse.
Stick to the above guidelines and the process should all be stress free.
The views expressed in this article are not to be construed as personal advice. You should contact a qualified and ideally regulated adviser in order to obtain up to date personal advice with regard to your own personal circumstances. If you do not then you are acting under your own authority and deemed “execution only”. The author does not except any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Where this article is dated then it is based on legislation as of the date. Legislation changes but articles are rarely updated, although sometimes a new article is written; so, please check for later articles or changes in legislation on official government websites, as this article should not be relied on in isolation.
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