The 31st of January is the deadline for submission of
tax returns for those who chose to file online.
Filing taxes is surely not the ideal way to be spending the
holidays, but according to HM Revenue and Customs more than 20,000
submitted their returns on New Year’s Eve. If you want to avoid
spoiling Christmas, here are some tips to get your
tax return in before the deadline:
Organize your records accordingly
The amount of income tax you pay in a tax year depends on
whether or not your taxable income is more than your
personal allowance as well as how much of the amount falls into
the specified tax bands. For example, the2015/2016 tax allowance
was Â£10,600 so if you earned more than that, you have to pay tax.
The basic rate limit for 2015-2016 was Â£31,785.
However, beginning the2016/2017 tax year, new rates have set in.
Personal allowance was increased to Â£11,000. The basic rate limit
(20%) was also bumped up to Â£32,000 while the higher rate limit
(40%) was increased to Â£43,000.
Other than knowing the information above, keeping records is
also important. For one, you can keep receipts and other needed
documents in one folder. Or, you can use an electronic filing
system to keep track.
Do not do everything in one go
You’ll overwhelm yourself if you do everything at once. Set a
schedule that allows you to complete your tax returns over a number
of days. Even better, set a limit to the amount of time you have to
work on your returns. Splitting the submission process into
manageable sections is realistic and doesn’t stress you out. Doing
this also helps you get everything done before Christmas. Even
better, you can check and re-check for mistakes and correct them
before final submission.
A lot of people have used Christmas Day as well as Boxing Day
and so forth to complete their tax return submissions. Instead of
doing this, schedule yours earlier and leave room to address any
errors. The holidays are the time to be merry and be with family,
so take a little time after work or before you head out to work to
work on your taxes.
Think you’re owed a tax refund? Apply here to get your