Personal Tax Returns - Top Tips!
- Author Nicky Larkin
- Published August 7, 2015
- Word count 346
Do you dread preparing your personal tax return? Below are some top tips to decrease the pain and stress of preparing personal tax returns.
TIP 1: Keep all the information you need for your tax return in a safe place
TIP 2: Common Required Tax Return Items
-
If you have a salaried job, keep the following PAYE (pay as your earn) documents, P60 (confirmation of the full year salary and tax deducted) and P11D (Benefits in kind statement).
-
If you are a CIS contractor, keep all your CIS payslips with deductions, invoices, purchases and receipts.
-
If you are a sole trader / partnership you will need to make sure you keep full accounts for your business so that these can be included in your self-employed pages of your tax return.
-
End of year bank statements showing any interest paid to you and the tax deducted.
-
Dividend vouchers.
-
Rental income information, full income and allowable costs.
-
All information of any capital gains or losses, for example sale of shares or a second home.
-
Mileage expenses paid to you by your employer if paid at less than the tax free allowance
-
Pension Contributions
TIP 3: Early Preparation - Don’t leave the preparation until the last minute, as then there is less time to find all documents and review everything carefully. If you are due a tax rebate – you will receive it the sooner you file the return.
TIP 4: Put Money Aside - Put money aside during the year if you expect to pay tax, perhaps in a tax savings account, so that you don’t have to suddenly find a large lump sum.
TIP 5: Seek Professional Assistance - If your personal tax return is going to be complicated, for example, you have capital gains to calculate or a sole trader, get a professional accountant to do this for you, they will be able to prepare the return in the fraction of the time that you would and also may be able to recommend tax saving ideas that you hadn’t considered as yet and understand possible reliefs that are available.
By Nicky Larkin of Goringe Accountants in London; providing high-quality bespoke accountancy services and tax advice. British Accountancy Awards 'Highly Commended' Winner.
Article source: https://articlebiz.comRate article
Article comments
Related articles
- 10 essential tax-saving strategies for landlords: Maximise your rental income
- A Comprehensive Guide to Navigating the Process and the Role of Customs Brokers in the UK
- Outsourced Accounting Services for UK Businesses: A Cost-Effective Solution for Financial Management
- Top 8 Self Assessment tax return software
- How to Close a Limited Company in the UK
- Maximizing Your Finances: Unleashing the Power of CPA Services
- VAT penalties – New rules
- TAX-FREE STRATEGIES IN AN UNCERTAIN ECONOMY
- 2022 Energy crisis and failure to connect Reality.
- When Are Corporate and Personal Taxes Due in Canada in 2021?
- You Would Never Have Thought That Having Accounting Internship Could Be So Beneficial
- ACTIVATION OF UAN
- Focal motivations behind getting a Tax direct for Small Business Firms
- Avoiding the flood — tax issues with water rights in agribusiness
- Social security benefits for a family (COVID-19)
- How to use QuickBooks Component Repair Tool?
- Do you want to reduce your taxes for next year?
- Will you be responsible with your tax refund?
- Getting started with QuickBooks Enhanced Payroll in Brief
- Are DSTs Right For Your 1031 Exchange
- Tax Return Makeovers By Kenya Woodard
- Why have all crypto tax attempts failed?
- Are You a Corporation? Know Why Consulting a Tax Accountant Is Vital
- Share capital or share premium for your Dutch company?
- Everything investors should know about 1031 sponsors
- Why is the income tax so high in UK?
- Should I do my own tax return?
- Get More Money Back on Your Tax Return with help from the Tax Cuts and Jobs Act
- Don’t Fall Victim to these 3 Tax Scams in 2018
- Find Out If 72(T) Penalty Free Income Is a Solution for You