Preparing your Tax Return: The Practical Issues

24th November 2015

For nearly all of our clients, preparing a Self-Assessment tax return is a mandatory requirement of HMRC. It is a system whereby income tax is collected by HMRC, where it has not been collected at source or where additional tax may be due to be paid or refunded to you.

The tax year runs from 6 April to 5 April. The Self-Assessment tax return deadline is 31 January (of the following year), which is also the payment deadline. 31 July is the deadline for payments on account. Please see our blog titled ‘Understanding Payments on Account’ for more information on this.

To keep on top of your tax affairs and to make it easier for you to get all the necessary information together, I recommend filing copies of all relevant information in one file (e.g. P60’s, details of pension contributions, Certificates of Deduction of Tax for bank interest received, UK property income, dividend vouchers, capital gains information and details of self-employment income and expenses). This will save you having to collect all the information together when the time comes to send it to us and possibly putting it off until the last minute. It will also help us to ensure your tax return will be completed in an efficient manner, where there will be fewer queries between us and you as the client.

We send out tax return reminders and checklists to clients, immediately after the tax year has ended. It is worth using the checklist as a guide when compiling information needed for your tax return. But please be aware, if your tax affairs have changed during the year, you must tell us so we can deal with your tax return accordingly.

If you think you may need to fill in a Self-Assessment tax return, click the following link to check https://www.gov.uk/check-if-you-need-a-tax-return

Author: Gemma Stephens, Accounts Assistant and member of the Taxation team

 

Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.

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