The UK tax return deadline is looming – here's how to get yours done.
With just a few days left before the 31 January deadline for submitting your tax return, don't put off until tomorrow what you can do today. Rushing to complete it at the last minute could lead to errors and difficulties in obtaining the information you need. Additionally, HMRC phone lines will be extremely busy during this period, so you'll want to ensure that you're prepared with all the necessary documents and details.
To get started, gather all relevant documents such as P60s, P45s, P11Ds, or PAYE coding notices, as well as tax certificates for investments. If logging into your company's intranet to access these is not straightforward, allow plenty of time to complete this task. You can also use the HMRC app to obtain and check a lot of information, including your self-assessment "unique taxpayer reference" and details of employment income.
Be mindful of side hustles – even if you earn extra money through freelance work or casual jobs like babysitting, letting property, or trading, you'll need to report these on your tax return. While there's a £1,000 trading allowance per year, exceeding this amount may require registration for self-assessment and completion of a return.
Additionally, savings rates have increased, making it more likely that people will exceed their personal savings allowances of £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers. Make sure you include any charity donations that are subject to gift aid in your tax return, as these can provide an extra 25p for every £1 donated.
Stay alert to potential scams from HMRC, especially via email or text message. The department will never ask for personal or financial information directly and will only contact customers by email, text, or phone with genuine notifications about a refund or request to claim one. If you receive suspicious communications, forward emails to [email protected] and text messages to 60599.
Lastly, check out HMRC's YouTube channel for short "how-to" videos that provide guidance on completing your tax return, including viewing your self-assessment tax return calculation and using the HMRC app to make a payment.
With just a few days left before the 31 January deadline for submitting your tax return, don't put off until tomorrow what you can do today. Rushing to complete it at the last minute could lead to errors and difficulties in obtaining the information you need. Additionally, HMRC phone lines will be extremely busy during this period, so you'll want to ensure that you're prepared with all the necessary documents and details.
To get started, gather all relevant documents such as P60s, P45s, P11Ds, or PAYE coding notices, as well as tax certificates for investments. If logging into your company's intranet to access these is not straightforward, allow plenty of time to complete this task. You can also use the HMRC app to obtain and check a lot of information, including your self-assessment "unique taxpayer reference" and details of employment income.
Be mindful of side hustles – even if you earn extra money through freelance work or casual jobs like babysitting, letting property, or trading, you'll need to report these on your tax return. While there's a £1,000 trading allowance per year, exceeding this amount may require registration for self-assessment and completion of a return.
Additionally, savings rates have increased, making it more likely that people will exceed their personal savings allowances of £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers. Make sure you include any charity donations that are subject to gift aid in your tax return, as these can provide an extra 25p for every £1 donated.
Stay alert to potential scams from HMRC, especially via email or text message. The department will never ask for personal or financial information directly and will only contact customers by email, text, or phone with genuine notifications about a refund or request to claim one. If you receive suspicious communications, forward emails to [email protected] and text messages to 60599.
Lastly, check out HMRC's YouTube channel for short "how-to" videos that provide guidance on completing your tax return, including viewing your self-assessment tax return calculation and using the HMRC app to make a payment.