Last minute tips for self assessment tax return
The new deadline for filing a paper self assessment tax return is the 31st of October. With this date closing in it is important to get all the relevant papers, forms and information together.
“The tax return looks different this year so it’s important that those required to file a self assessment don’t leave it until the last minute, as getting familiar with the new forms might take a bit of extra time, although in general they are simpler,” says Anita. Monteith of the ICAEW Tax Faculty.
Before begining it is important to:
Gather your information: Ensure that all required information is to hand. This will include the self assessment form, details on all income, P60 and P11D forms from employers and pension providers, interest statements, life insurance policy payments, and details on anything that is deductible.
Be meticulous: A form that is not completed correctly may be rejected by HMRC. The most typical error is forgetting to sign and date the form.
Explain significant changes to last year: If there are any significant changes on your return to last year, tax inspectors want to know why - note the explanation for them on the form.
Keep your records: Records of all information used to complete tax returns must be kept for 22 months after the end of the tax year, or for 5 years and 10 months for those carrying on a business or who have income from letting out property.
Anita concludes, “Those who wish to file online rather than on paper still have until 31 January 2009 to submit their return. But they should start preparing now, and should contact their accountant now if they have one, in order to avoid unnecessary stress in the New Year”.
