Tackling Your Tax Return
Tackling Your Tax Return for 2017-18 ‘season’ is now getting into full swing. At our office will be contributing to the filing of the many millions of tax returns that need to reach HMRC by 31st January 2019. These returns will cover both income and capital gains for the year ending 5th April 2018.
Here at Pro Active Resolutions we have made this short presentation to help make the experience less painful.
This video looks at how make the experience of preparing and submitting tax returns as painless and stress free as possible, outlining some of the general considerations, and pointing out the common pitfalls.
If after viewing this presentation you feel that your stress levels will remain high, then please contact us to see if we can help.
The video looks at four key areas
• Who should complete a personal tax return
• What information goes into the return
• What a business can claim for
• Key dates and paying (or not being able to pay) the tax
Tackling Your Tax Return
Remember it is the responsibility of the tax payer to decide whether or not they need to submit a tax return, if you are unsure about this get in touch and we can advise you.
At the time of writing this piece it is too late to submit a paper return (deadline 31st October 2018), thus it has to be submitted online via the HMRC website, log onto the HMRC site and register for the service – if you use an agent (like ourselves) then they should be set up to file on your behalf, obtaining a tax reference (UTR) is a must though.
Common Mistakes when Tackling Your Tax Return:
• Failure to complete a separate Supplementary Page for each separate employment
• Incorrect claim for Personal Pension Premiums
• Entering pay but not the tax deducted
• Failure to complete all of the self-employed pages correctly
Other Mistakes when Tackling Your Tax Return:
• Failure to sign and date the return
• Entering notes on the return such as “information to follow” instead of entering actual figures or estimates
• Attaching schedules and not including figures within the return
• A yes’ tick has been entered in one of the questions 1 to 9 on page 2 of the Tax Return but the supplementary page has not been forwarded with the Tax Return.
Pro Active Resolutions- Your Business Friend
Get in touch if you have any further queries or if you’d like us to complete your Tax Return or to see if we can help you with any of your business and accounting needs.