Tips For Filing a Personal Tax Return

If you are one of the 10 million people in the UK that has to file a personal tax return, you will know that it is a bit daunting. However, it is not something you should put off doing. Failure to file your return in time can result in a fine. If you follow our tips, filling out your return need not take long. Some of the tips can be applied this year, but most of them are designed to help you with next year’s return.

Do not leave it to the last minute

Try not to leave things to the last minute. Millions of people do, every year accountants in Manchester and the rest of the UK are flooded with people desperate for help because they have been unable to complete their return on time. The best way to avoid this is to do it early. Each tax year ends in April and paper returns are accepted from that date to the end of October, after that you must file online. There is no reason to delay, get it done early and there will be last minute rush. When you do it months before the deadline a mislaid document is not a problem because you have plenty of time to get a copy.

Keep records

It is important not to leave anything out of your tax return. The more organised you are the less likely this is to happen. Keep copies of important documents in a tax file. When it is time to fill in your return you will have everything you need to hand. It is a good idea to keep a checklist of all taxable assets. If you open a new investment account, add it to the list. That way you will not forget to declare the interest on your tax return.

By thinking ahead and giving yourself time, you will find filing your personal tax return less of a problem.