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Paystream News

David McManus

Thursday 24th May, 2018

06 April 2018 saw the start of the 2018/19 Tax Year and the beginning of the 2017/18 Personal Tax Return season.

If you have not already done so we recommend that you start the process of gathering together all your relevant financial information for the year ended 05 April 2018 in order to complete your Tax Return sooner rather than later.

There are several good reasons why you should not put off the often painful task of completing your Return (or asking PayStream's Tax Team to prepare it on your behalf):

  • You may have overpaid tax and be entitled to a repayment once your Return has been filed
  • If you have tax to pay, the amount can be calculated and you will have more time to make arrangements to ensure you have available funds before the 31 January 2019 due date;
  • If you normally make payments on account on 31 July each year, your actual liability can be determined. If it is less than the previous year the July payment on account can be reduced or eliminated before it’s due;
  • HMRC have a year from the filing date to enquire into a Tax Return. The sooner this 'window' starts, the sooner it closes;
  • Stating the obvious but the early filing of your Tax Return ensures you won't get a late filing penalty! If you are having problems obtaining information, determining whether something is taxable or you're unsure whether you are entitled to an allowance or deduction, get a resolution early rather than risk the late filing penalty.

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