HMRC’s tips for filling up the paper returns at last minutes
With the 31 January deadline approaching for submitting tax return documents electronically, the 31 October deadline for paper returns has been under the radar. It was reminded by HMRC on the 24 October, that there are 100 days left to file an online return.
If the deadline in missed, there are two ways to progress. Either you would have to submit late tax return papers and pay a fine of £100. And if that deadline is missed, after the 31 January, you might be charged £10 by HMRC per day.
Here are five tips on easy and error-free filing of your papers:
1. Plan it
Ensure that you are in possession of all the necessary papers. This includes: the bank statements, receipts with expenses, self-employed records and employment incomes.
2. PAYE Code
For the employed, ensure that you have PAYE coding notice for current year. Ensure if there are and underpaid or overpaid tax.
3. Gross against Net
Make sure you check that the numbers on dividends and bank interests are gross, which includes tax, or net (which doesn’t include tax). This will determine whether you are paying the right tax or not.
4. Ensure the figures are checked
Make sure that you check your figures twice or thrice to avoid any errors. Most overlooked errors are very simple, and extra zero can make a huge difference. Before posting everything to HMRC, making a copy of what is being sent will allow you to check what was sent at a later date.
5. Correcting the submitted errors
If an error is spotted after filing, you have up to 12 month to correct the errors and amend them with HMRC.
In the case of missing the 31 January deadline to submit any error amendments, you will have to pay interest.
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