Do you need to complete a tax return?If you have relatively straightforward tax affairs and already pay tax through PAYE (Pay As You Earn) you probably won't need to complete a tax return. But if you have more complicated tax affairs - or income from several sources - you may need to complete one. Click here for a full details from HMRC.
I speak to a lot of clients around this time of the year about their tax returns. Most people leave it to the last minute, and worst still, haven't made sufficient provision to pay the tax due. Remember, you have to pay the tax and an amount on account for next year by the 31 January. The exception is if your tax liability is below £1000, then you don't need to pay anything on account for next year.
If you plan ahead, you can make this a stress free process. Contrary to what you might think, HMRC are actually very helpful. They won't give you advice but very good with general guidance. Hopefully most of you have already submitted your return if you need to complete one. If you are self employed or run a small business, your accountant or tax adviser should have dealt with this on your behalf.
Finally, it is important that you have the funds to pay the tax that is due. This has to be paid by the 31 January. I am sure you are all aware of this. If you have had difficulty paying or raising the money to do so, be aware of the penalties. Like the title of this article, if you plan in advance, you can avoid this in the future. Please contact me by email for details on how you can plan ahead so that you have the funds to pay your tax on time in 2013. Check out the website also for other useful information.
I speak to a lot of clients around this time of the year about their tax returns. Most people leave it to the last minute, and worst still, haven't made sufficient provision to pay the tax due. Remember, you have to pay the tax and an amount on account for next year by the 31 January. The exception is if your tax liability is below £1000, then you don't need to pay anything on account for next year.
If you plan ahead, you can make this a stress free process. Contrary to what you might think, HMRC are actually very helpful. They won't give you advice but very good with general guidance. Hopefully most of you have already submitted your return if you need to complete one. If you are self employed or run a small business, your accountant or tax adviser should have dealt with this on your behalf.
Finally, it is important that you have the funds to pay the tax that is due. This has to be paid by the 31 January. I am sure you are all aware of this. If you have had difficulty paying or raising the money to do so, be aware of the penalties. Like the title of this article, if you plan in advance, you can avoid this in the future. Please contact me by email for details on how you can plan ahead so that you have the funds to pay your tax on time in 2013. Check out the website also for other useful information.
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