Published on January 29th, 2015 | by admin
Time Is Running Out To Complete A Tax Return
The deadline for completing tax self-assessment forms is fast approaching. This Saturday 31st January is the last opportunity to submit a tax return without the risk of incurring a penalty.
Tax does not need to be taxing yet whilst we learn that the taxman has so far received approximately 8.7 million self-assessment returns, more than two million people still need to submit their tax return ahead of Saturday’s deadline according to HM Revenue and Customs (HMRC).
Failure to submit an online self-assessment tax return and playing any tax due by midnight on 31st January can immediately lead to an initial fixed penalty of £100, even if there is no tax to pay.
It appears a last minute rush to complete tax returns is occurring just as it did last year when more than half a million people were still frantically going through their record books and pads completing their paperwork on the deadline day itself!
For anyone who has left their tax submission to the last minute, they will certainly need their P60 and bank statements to hand too which ideally be easily accessible if they have been stored for easy retrieval in expanding files or box files.
Paperwork also required to hand to speedily complete a self-assessment tax return include details of income from self-employment, income from property as well as any other income streams during the 2013-14 tax year including interest received on savings or investment returns.
It’s important to note that too that there are plenty of expenses which can be feasibly claimed in order to reduce an individual’s tax bill. These include an allowance for energy bills as well as mileage associated with self-employment.
Having filed a self-assessment tax return it’s important to then not forget to actually pay the amount owed – also by the deadline of this Saturday 31st January.