Anyone who received an income that isn’t covered by PAYE (Pay As You Earn) will need to fill in a tax return form – and the online deadline of 31st January is fast approaching.
In order to beat the rush, why not fill in your self-assessment form by the end of December and claim your online tax refund this Christmas to start the New Year as you mean to go on -nice and relaxed!
Here’s what you need to know:
1. Get your paperwork in order
You’ll need all your documentation in good order – including income from employment, self-employment, income from property or other investments.
2. Understand the tax return forms
Tax self-assessment can be complicated, and it’s all too easy to make mistakes on the forms so it will help to familiarise yourself with them before having to file your return. If it’s the first time you’ve ever filed a tax return, it may benefit you to get help and advice from a tax refund company.
3. Don’t forget to claim for your expenses
Anyone who is self-employed is entitled to claim expenses and this will help to reduce your tax bill. Make sure you have kept evidence and receipts to substantiate your claim – most things such as stationery, furniture, mobile, broadband and energy bills will be eligible if HMRC thinks you are being wildly extravagant with your claims they will investigate.
4. Pay the Bill!
Once you’ve worked out how much you owe the tax man you must pay it by the end of January otherwise you could face a hefty fine. A tax return doesn’t always mean a bill though – depending on how much you have earned, and the overall cost of your expenses, you may find yourself in line for a tax rebate!
Apply now to claim your online tax refund!
Photo by Chad Madden on Unsplash