3 Top Tips - Tax Returns
As the Tax Return season approaches, Tamsyn shares 3 top tips for submitting yours.
1. Submitting something is better than nothing. You are allowed to submit a tax return with estimated figures. This is MUCH better than submitting nothing at all (which incurs hefty fines and interest). So if you have left it up until the deadline, don't bury your head in the sand, put in a realistic figure, pay your tax, and edit it once you've got all your information together. You can do this without a penalty.
2. If you submit your tax return before the end of December, and the tax you owe is under £3,000 AND you're employed, you can claim to pay the tax back through your tax code (meaning you pay just a bit more tax each month) - this is helpful if you haven't put aside any money for your tax bill.
3. At this time of year there are lots of people impersonating HMRC. They're getting more and more clever. This week I have heard of accountants being called by HMRC from a number that is in fact a HMRC phone number (apparently HMRC had their phone lines hacked recently). I also heard of an individual that this happened to. You could also receive emails saying you have to pay something. HMRC will never call you and request money. To check how much tax you owe the best thing to do is use your online tax account.