Self Assessment Tax Returns | What to look for
Filling in self assessment tax returns form requires a bit of time and a lot of concentration, as making a mistake could cost you money.
Luckily, we’ve formulated this step-by-step guide that will make self-assessment tax returns a complete doddle and ensure that you get it spot on every time.
Start off right : If you have never filled out self assessment tax returns form, you will need to first register for an activation code. These are sent via post, so it’s important that you do it early on to avoid missing the deadline. Once you have the code, be sure to activate it within 28 days otherwise you will need to send off for another one, making the process of completing your tax return even longer.
Know what you need: Before you sit down and start putting pen to paper, be sure that you have all of the necessary documentation you need to hand so you can fill everything out correctly. This will include details about your income, so may require you to find your P60, your P11D and any payslips that you have, dividends you have received and any monies accrued from a second income such as a rental property. Make sure that you also have interest statements from banks and building societies as well as details on any pension contributions that you have made.
Fill in what’s required : Once you’re all logged into your online self assessment tax returns form, start by checking your personal details. Whilst you are filling out the form online, the website will react to your responses and will get rid of any sections that aren’t applicable to you, which makes the process easier. When filling in the figures on your return, the online service offers reminders about where you can find the information to fill in particular sections – such as your P11D, P60 or pay slips. Because you are a self-assessment taxpayer, you will need to make sure that you report all of your earnings over the tax year. Be sure to include income from employment, self-employment, income from property, and interest and gains on your savings and investments.
Take your time : Rushing self assessment tax returns form is never a good idea as you are more likely to make mistakes and miss out crucial information. When using the online form service, you can save your details and come back to them later, perfect for when you’re busy and don’t have the time to do everything in one sitting.
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