When is my Tax Return due?
We've had a few clients asking us about their next tax return. HMRC has recently sent out notices to those individuals who, according to their records, are required to complete a self assessment tax return for the 2011-2012 tax year which ended on 5th April 2012.
If you've received one of those notices, there is no need to panic as the HMRC deadline for submission of the tax return and payment of any tax due is not until 31 January 2013.
What do I need to do?
If your accountant usually completes your tax return for you, you simply need to get in touch and they will take care of this for you. Check if they have their own deadline when they need to receive any information from you to ensure that they have sufficient time to submit the tax return for you. Late filing of a tax return will incur a financial penalty so try to allow as much time as possible to avoid this.
What information is needed?
The tax return will need to include:
- Personal information including your full name, address, date of birth, national insurance number and most importantly your unique tax reference number (often referred to as a UTR number).
- Employment earnings (you should of received a P60 or P45 from your employer)
- Self employment income and expenditure
- Bank account or savings interest
- Any income you have received from investments (i.e. dividends)
- Any income from land or property (i.e.
renting out a property)
- Capital gains income (from the sale of shares or investments)
- Pension contributions
- Gift aid donations
We have a FREE personal tax organiser which will help you organise all of the necessary information so please let us know if you would like a copy.
How soon can I complete my tax return?
We have already started to prepare 2011-2012 tax returns. As soon as you have all of the relevant information available it is a good idea to complete the tax return so that it doesn't get overlooked! You then won't have to worry for another year and the sooner you know what your tax liability is (if any) the sooner you can start to budget for the payment. If you're due a tax refund you'll receive it sooner too!
If you receive tax credits you will shortly receive an annual declaration from HMRC to renew your claim which must be done no later than 31 July. If y ou're self employed you will need the figures from your business accounts or tax return in order to complete this review.
If there is any other information that you think may be relevant to the completion of your tax return then you should seek professional advice. Your own personal circumstances will affect what aspects of the tax return needs to be completed and what income needs to be declared.