Tips for Filling in Your Tax Return
Are you afraid of filling in a tax return? Well, you can relax as filling a tax return form is not as difficult as you think. Normally, the basic tax return consists of 8 pages, but extra pages may be added by HMRC depending on your specific circumstances.
Whether you choose to submit and complete a tax return online or on paper, it is up to you. When choosing to submit a return on paper, you may or not ask for any extra sections. Likewise, when you submit a tax return online, HMRC sends you a notice to file a tax return. And, submitting a tax return online is not only safe and secure but faster process as well.
The tax return on paper must be submitted by 31st October and on-line by 31st January. Also, the tax year starts from 6th April of the current year and ends on 5th April of next year.
Here are a couple of tips you can use for filling in a tax return:
• Decide whether you want to submit your tax return on paper or online.
• When you use a return on paper, you need to check all the pages you need. If you don’t have all the papers, you can ask HMRC.
• Fill in the sections on the form relevant to you
• Collect the correct information you need for each different type of income or gain or you may pay less or more tax.
• After completing the return, sign it and send it to HMRC or file it online
: Complete the sections that are relevant to your circumstances.
Those following sections will explain what information you will need and to put onto your tax return, how to pay the tax due as calculated on your tax return, and submit your return.
If you are not confident to treat any of the items and want to avoid any mistakes or errors, get advice from professional accountants or advisers
With the help of General Anti Abuse Rule (GAAR), you will know which tax arrangements are abusive under the legislation which is made just to reduce tax liabilities. Thus, before filling a tax return, you also need to ensure if there is any transaction during the tax year considered as abusive by HMRC or not.
To discuss about completing and submitting tax return forms, you can contact our tax accountants
today at 020-7060-9556.