Simple 3 Easy Steps to Tax Return Online

It is the obligation of all good citizens to pay their taxes and reports them to the government authorities in time. Every government is in a process to make the taxation system clean and hassle-free, for which they are introducing new ways or reforms for taxpayer convenience. However, the tax return is a kind of reform in which you have to report your taxable income, expenses you made during the year, income from property or interest from the bank. It’s a kind of balance sheet for self-employed or self-assessment of taxable income on which taxes needs to be paid or file.

The government has made ‘tax return filing’ easier for their people as physical submission of tax return becomes difficult and time taking for some. Moreover, the physical submission deadline is also short, and people forget to file it in time; so cost them a hefty penalty which may be bigger than their actual tax amount. Now, UK government has introduced an ‘online tax return’ system which is affiliated with HMRC.

If you forget to file your return, so do not be worried because you have a chance to submit it on online portal and their date is extended until January. It is pertinent to mention, we provide you solution to your taxation, return filing and in time arrangement of all; as we are one of the best tax Return accountants online in London.

Things to Arrange for Tax Return Filing

Before, you come to the process of filing an online return few things you should arrange. You have to organize all the related documents and information such as income certificates (salary slips, taxable income certificates), self-employed income details, income from property, and interest on the bank balance, details of loans and expenditure incurred. That is a time taking process to arrange all above mention documents, so you need to start arranging these things 1-2 months before filing a tax return. “And if you leave everything until the last minute, there is a risk of getting it wrong by rushing it. In both cases there are fines.”

Start Filing you e-Return

You need to list down all requisites of date pertains to you and your return. Make a manual calculation on paper or excel sheet for your ease and quick filing. Firstly, calculate your income and their details like it might fall in a category of P60 (income above £ 8,500) and secondly, your P11A (details of personal expenditures and benefits). Some more things you also need to jot down are interest statement from bank and building, car insurance, contribution towards pension, provident funds or gratuity and plus information about gifts, donation or royalty.

3 Steps to be a ‘Online Tax Return Filer’

In the UK, it is three steps far from you to become a tax return filer and save yourself from the hassle and massive fines imposed by the government.

Step 1: If you have not filled your tax on online portal before, the apply for an activation code. Once it gets posted, you can assess your account or personalized tax information portal. It might take some time, and after receipt, you have 28 days to log in with this activation code. For registration visit Gov.uk/register-for-self-assessment.

Step 2: Filling in your information in the category where your self-assessment falls such as P60 (Income above £ 8,500) and P11A (Expenditure and benefit). Put the details in the right position as per instruction and information provided on a portal.

Step 3: Check your information properly and check the figures too. Once you are sure about all, then click the submit button and become a filler.

If you do not have time during the filing process, then you can shut down it, but can access it from the same page when you need to resume. If automatic tax calculation shows some deferred tax on you, do not stop listing it. You can deposit the deferred tax on one phone call and make it balanced as per HMRC. We are here to make your taxation easy, save your time and keep your yearly record maintained in the UK as we are one of the Best Tax Return Services in UK.