Things You Should Check Before Filing Your Tax Return

 

Filing tax is not that difficult, but if you follow the guidelines given by the government, the entire process becomes easier. But if you still find it difficult, you should hire a tax advisor to take care of the filing process. Anyway, if you are in Reading or Shinfield and are excited to learn about how you can file the tax, read on.

• Your earnings

First and foremost, if you are self-employed or a sole trader and your earnings have crossed £1,000, you should file your tax. Apart from this, if you are in a business partnership, you have to file tax as well. For the latter, your tax advisor in Reading will help you out. But for the former, you need not file tax if you earn only from pension or wages.

• Untaxed incomes count

If you have untaxed incomes, you will need to file tax and some of the examples of untaxed incomes include any commission or tips that you have received, money that you earn from rent, you gain income from investments, dividends and savings or if you have foreign income. However, if you don’t comply, you might face penalties.

• Claim income tax reliefs

If you want to claim income tax reliefs or want to claim the Tax-Free Childcare or Maternity Allowance, you will need to file a tax return. At the same time, if you or your partner’s income is over £50,000 and you will need to file a return and pay the High Income Child Benefit Charge.

• Ways to file the tax return

There are numerous ways to file a tax return and you can let your advisor providing the tax return services in Reading handle that for you.

Some of the ways you can file tax are to use commercial software like GoSimpleTax, ABC Self Assessment Ltd or use the paper format, that is the SA100 form which you will need to download and fill online.

• Meeting the deadlines

As a responsible citizen, you will need to file the tax before the deadlines and failure to do so will attract penalties. However, if you are late for some reason, you can make an appeal against the penalty but you will need to show a valid excuse and if the HMRC (Her Majesty’s Revenue and Customs) finds it plausible, they may give you a different date.

• Mistakes can be corrected

If you have filed the tax but find later that there are errors, you can change it. But for that, you will need to write to HMRC. But if the process seems complicated, you can leave it to the professional providing tax return services in Shinfield.

The professional will send the updates to the HMRC and hence, you don’t have to deal with any problems.