Tax Returns

Here are some handy tips in dealing with your tax return:

• Submit your completed tax return to HM Revenue & Customs in time

If you wish HM Revenue & Customs to calculate your tax liability, submit your tax return before 30th September. If your tax return is submitted after this date it is your responsibility to calculate your own tax liability. Late filing results in a penalty of £100. If a partnership return is late, the penalty is £100 per partner.

• Check the Revenue’s calculations

Always check the Revenue’s calculations to make sure that they and the tax liability refund are correct.

• Keep a copy of your submitted tax return and all relevant information

Always keep a copy of your tax return together with the information in case HM Revenue & Customs makes enquiries into your tax return.

• Pay your tax liability by the due dates

If your tax liability is paid late you will be charged interest on a daily basis, which is at a high rate. If you overpay tax you can reclaim this from HM Revenue & Customs but will only receive a low interest rate. If the final payment is a month late there is a surcharge of 5% and a further 5% surcharge if it is six months’ late.

• Check your notice of coding

Always check your coding notice to make sure you are receiving the correct allowances.

• Interim Payments

Interim payments are based on the previous year’s tax bill. If your income has fallen, or more than 80% of your tax is collected at source, submit your tax return early so that you can either reduce or cancel the interim payments on account.

• File Online

If your tax affairs are straightforward you can file online. The advantage is that you receive an immediate acknowledgement that your return has been filed as well as an immediate tax calculation.

• Disclose Valuations

If your tax return includes the use of a valuation ensure that a valuation has been used, by whom it was carried out and (if applicable) that it was carried out by a named, independent and suitably qualified valuer. This will protect you against any later discovery assessment.

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