If you’re yet to submit your 2014-15 online tax return, you only have 10 days left to do it. Don’t be one of those people that leaves it to the last minute – get your tax return in now to avoid stress and even the threat of possible penalties.
Even before you sit down to submit your tax return, you need to get your accounts in order. This is something you should be doing every month – in fact, the more often the better. Keeping your accounts in order includes separating your work expenses with personal expenses, so that you can claim for the right items.
This is exactly why, while they may seem like fiddly bits of inky paper that rub off on your fingers, receipts are paramount in your tax return. And that’s just physical receipts. Online shopping accounts for so much of our expenses that it’s important to keep an eye on the receipts you might receive by email. You then need to match up your accounts with your receipts to make sure there aren’t any outliers. Doing all of this may be time-consuming, but it’s important that you submit your tax return by 31st January to avoid paying any penalties.
By submitting your tax return, it will tell Her Majesty’s Revenue & Customs whether you owe any tax or have in fact paid too much tax and are owed a tax refund.
If you think you may be owed a tax refund, get in touch with us today!