The 2014 tax returns were issued a couple of weeks ago. If you've received one, it's probably not the top of your priority list, but it cannot be completely ignored either. Here are our top 5 tips for getting your return dealt with.
1. Know the dates
The 2014 return was issued on 6 April 2014. If you are filing a paper return, then it has to be filed by 31 October 2014. If you are filing online, then you have until 31 January 2015. The only exception is if you have been issued a return during the year and it is less than 3 months to the deadlines, in which case the deadline extends to 3 months after the issue date. For instance, if you are issued a return on 31 December 2014, then you will have until 31 March 2015.
2. Get it dealt with sooner rather than later
As with quite a lot of things in life, we tend to put off things which don't interest us too much. However, even though you've got a long time to sort your return out, it's surprising how quickly the year will disappear. You probably won't want to deal with it during the summer, or in the run up to Christmas, and then you've got no choice but to deal with it in January (or face a late filing penalty). Do it now! It will be one less thing you have to worry about. There are also a lot of other good reasons for dealing with it sooner rather than later.
3. Get all your stuff together
It obviously makes sense that you can't deal with your return until you've got all your books and records together. Which means:
4. Know when you need to pay tax
Tax for the 2014 tax year is usually due by 31 January 2015. However, if your tax bills are usually over £1,000, then you will probably have to make payments on account, in which case tax will also be due by 31 July 2014. If you have a tax bill and also have tax deducted at source through PAYE, then you could elect to have your tax deducted through your tax code.
If you are self employed, it is always a good idea to make sure you make provisions for paying your tax bills. You may even want to consider paying them early!
5. Is a tax return due?
Just because you've received a tax return, it doesn't automatically mean that a return is due. The vast majority are issued for people who are self employed or who have complicated tax affairs. However, if you used to be self employed and stopped, and are still receiving tax returns, you may wish to speak to HMRC to clarify why they are issuing returns. HMRC are more receptive to cancelling tax returns where there is no legitimate reason for one being issued.
The 2018 Tax Returns cover the year to 5 April 2018. They will be issued in early April 2018. The deadline for submission is 31 October 2018 (if submitting by paper) or 31 January 2019 (if submitting online). We are always advising clients to get their tax returns, or any filing with HMRC really, done sooner rather than later. Other than the purely selfish reasons that it will help our workflow, why do we do this? The following are some of the more common reasons.
Personal tax returns are issued in April and the deadline for online submission is the following January, when the tax is also due. The sooner you know how much you owe, the sooner you can start saving for it, certain in the knowledge that you know how much you need to save.
If you submit a tax return and you are due a refund, the refund will be issued shortly after submission. Therefore, if you file your return in May, you will get your refund in May. However, if you wait until January, you are leaving your refund with HMRC for a further 8 months. This is jolly nice of you, but does nothing for your bank account.
If you have to make payments on account, payments are due at the end of January and July. If you get your tax return sorted before the end of July, you will side effects of cialis clarify the position and possibly avoid having to make a payment.
Tax credit renewals are due by the end of July, so if you get your tax return sorted, you will be able to use the same figures for the renewal. If you don’t, you can always use estimates, but you run the risks of your current year’s payments being wrong, and possibly continuing to receive more money than you are entitled to.
You may be planning to do your tax return shortly after Christmas, but then get a terrible case of flu which means that you miss the deadline. Is this a reasonable excuse to avoid a late filing penalty? Unfortunately not.
The enquiry window – the length of time which HMRC have to investigate your tax return – used to be 12 months from the end of the filing deadline date. Therefore, early submission used to give HMRC longer to look into your return. This is no longer the case, the enquiry window is now 12 months from the date of submission.
We all feel easier and better knowing that we’ve got a horrible job like completing your tax return out of the way, so why not get it done and enjoy the summer.
So there you are. Several reasons to get on top of your tax affairs, plan your future and enjoy the summer.
(article originally published April 2013, updated April 2018)
The 2012 tax return window is closing soon. The deadlines are as follows:
In order to guide you through the process, the following may be of use:
Completing your Return
As you would expect, we complete and submit personal tax returns for our clients, but you can complete and submit your own, please see here.
We have a number of tips which may help with completing your tax return.
Paying your Tax
There are a number of ways to pay your tax, please see here.
‘Payments on Account’
If your tax bill is more than £1,000, you may be asked to make ‘payments on account’. See here for more information.
‘Time to Pay’
If you are struggling to get the money together to pay your tax bill, then you may benefit from the ‘time to pay’ initiative which HMRC run. See here for details.
HM Revenue and Customs (HMRC) have announced an extension to the filing deadline for 2011 Self Assessment tax returns, due to planned strike action on 31 January.
The deadline is now 2 February 2012.
A statement released by HMRC read:
Self Assessment deadline
To make sure our customers are not disadvantaged if they cannot get through to HMRC's call centres on 31 January, we will not impose any late filing penalties for people who file their Self Assessment returns on 1 and 2 February.
The SA deadline remains midnight on 31 January. But HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No customer generic cialis usa will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.
Acting Director General Personal Tax, Stephen Banyard, said: “We’ve always been very clear that we want the returns – not the penalties. For that reason, we don’t want anyone who can’t get through for help and advice on 31 January to be disadvantaged in any way.”
Of course, it is still important that the deadlines are met, as the penalties for the late submission of your tax return can be quite nasty. Details of how to pay your tax can be seen here.
Self Assessment Tax Returns have to be filed by the end of January, so you haven’t got long. Anyone can complete and submit their own personal tax return. The following tips may help you:
This list is not exhaustive, but may help you to prepare. If you have more complicated tax affairs or are self employed or own a limited company, we would recommend you get advice – of course we would, we’re accountants! Seriously, the cost of advice may be more than compensated in terms of time and tax saved.
NB any advice above is generic and may be subject to individual circumstances.
By now, if you’ve got to file a personal tax return for the 2011 tax year, you should either have received one or a letter saying so. The deadline for submission of tax returns is 31 January 2012, so there is plenty of time at the moment. However, there are a couple of reasons why you might want to get it sorted sooner rather than later:
So it makes sense to get your tax return submitted. We can help, see here.