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The Importance of Being Earnest (about your Personal Tax Return)

Paystream News

David McManus

Thursday 22nd Oct, 2015

As the days grow shorter so does the deadline for filing your Personal Tax Return. Remember that you only have until 31 January 2016 to file your 2014/15 Tax Return and pay the tax which is due.

There are several advantages in preparing your Tax Return sooner rather than later:

  • If you are in the habit of completing a paper Tax Return you only have until 31 October 2015 to do so.
  • The earlier you start to gather the information for your Return, the earlier you will be aware of anything that is missing. For example, you may need certificates of bank interest, a P45 from a previous employment or the evidence of payments you've made under Gift Aid.
  • Knowing how much tax you need to pay by 31 January 2016 (including any payments on account of your 2015/16 liability) will help you plan your finances.
  • If you have overpaid tax for the year you can obtain a repayment from HMRC... better that the cash is in your hands than the Chancellor's!
  • Filing your Tax Return early will ensure that your Tax Code is amended, if needed, for the current year. This means you will also receive the correct Tax Code for the following Tax Year.
  • There is less chance of you missing the tax filing deadline and incurring a £100 minimum penalty.
  • People sending in their Tax Return late have a higher profile with HMRC and are considered a greater risk and so are more likely to be subject to an investigation.
  • HMRC's administrative systems become increasingly busy as the deadline approaches. If tax references are required or queries need answering it's harder to get a speedy response.

If you feel like you need some help completing your Tax Return then our Tax Team are here to help. We can ensure that everything that needs to be done is completed on time. We'll give you peace of mind that your Tax Return is correct; you've met the deadline and know what tax to pay and when. If you're fortunate enough to have a tax repayment we’ll apply for that and chase HMRC to ensure you receive it quickly!

Simply call us on 0161 929 6000 and ask for our Tax Team - we're always here to help.

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