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Self-assessment tax returns: Learn from this year

Paystream News

David McManus

Monday 9th Feb, 2015

The deadline to submit Self-Assessment Tax Returns for the 2013-14 tax year fell on Saturday January 31st 2015. Now this date has passed, HM Revenue and Customs (HMRC) will start handing out fines to those that failed to gets theirs in on time.

Figures from the tax authority reveal that an enormous 569,847 Self-Assessment Tax Returns were handed in on the deadline day in 2014, but this was cutting it extremely fine.

In 2014, just seven per cent of taxpayers that had a Self-Assessment Tax Return missed the deadline - but that's seven per cent that could have avoided a penalty with better financial and time management.

According to HMRC this year 890,000 taxpayers failed to meet the deadline of 31 January 2015.

If you found yourself struggling to meet the deadline this year or believe you could have completed your Return in a more efficient manner you might want to consider PayStream's Personal Tax Return service next year. We will ensure your returns are completed on time, avoiding any heavy penalties and will also chase any overpaid tax that may be due.

Don't be daunted

Providing that you keep proper personal financial records during the course of the tax year completing your Tax Return can be quite painless.

You will need to ensure that you keep records of the following typical income and outgoings, if you have any:

  • Form P60 Certificate of Pay & Tax provided by your employer(s)
  • Form P11D Expenses & Benefits again a form provided by your employer(s)
  • Certificates of Interest Paid on any bank or building society savings
  • Tax Vouchers provided to you when dividends are paid on any shares you hold
  • Details of any personal pension contributions you made
  • Details of any gift aid donations you may have made