How to file your HMRC tax return correctly

Get your taxes in order the easy way

Within this article, we will share with you how to do your UK taxes properly and how to file them. In the United Kingdom, January 31st is the tax return deadline,
however, you can file your tax return between the end of the tax year in April and the following January. The HMRC uses the information provided on your tax return
to figure out your tax bill or whether or not you are due a refund. If you do not file or pay your taxes as of January 31 you may have to pay harsh fines. We will
aim to help you understand what is necessary when filing your tax return. If you are self-employed, you have rental property income or if you run a small business
doing your taxes can be incredibly easy. You will learn about how to file a Self Assessment tax return and all the different
things you need to know.

The HMRC website has all the details needed for those who need to file a return including information regarding deadlines and penalties. The very first thing that
you will need to do is sign up for Self Assesment at the official website. All you will need is a Government Gateway account. You can enroll in a Government Gateway
account with the Self Assesment service website if you do not yet have one. It takes around ten days to receive your Government Gateway account because the HMRC will
have to postal mail you what is called a Unique Taxpayer Reference as well as an online service activation number. When you receive the piece of postal mail with your
Unique Taxpayer Reference number you will have 28 days to register it on the HMRC Self Assesment website before it expires. If it does expire then you will be required
to request another Unique Taxpayer Reference number.

How a typical P45 document will look when you leave employment. Image credit: The Sun

To file your taxes you will need your PAYE information as well as all financial details including money earned and costs. You will then log in to the HMRC Self Assesment
website with your Government Gateway ID number. The filing system is relatively uncomplicated and is fairly easy to use to file your taxes. All you have to do is claim
your overall financial figures both coming in and going out. You don’t have to be extremely detailed however it is advisable to keep all financial statements and records
in case HMRC need to ask you questions about your tax return.

For individuals filing their taxes who have earned additional income on top of their salary, you will want to have your P60 form available with you because it holds a lot
of important information that is relevant to filing your tax claim. You should also find your P11D which details your expenses and benefits as well as all pay slips. If
you need to contact your bank or other organizations to get these files then do it promptly so you have all details at your disposal to get your tax return filed sooner.
The process of filing your online tax return is rather simple but luckily there is also a helpline phone number in case you have questions. The phone number is 0300-200-3310.
The operators will be more than happy to help you with any questions or concerns are incredibly helpful.

If you have worked offshore at any stage during the year, especially aboard a sea vessel operating outside UK waters, it is advised that you enlist the help of a seafarers tax accountant as they will specialise in such cases where tax obligations may differ. They can compete and file your taxed for you.

The HMRC Self Assesment tool will guide you and give you answers on how to input your information. The system will react to your details and your taxes will be calculated
automatically while you fill out your information. When doing your taxes online you can save your place and return to continue filling out your taxes at a later time. You
can also call the phone number if you need assistance or have any particular questions or concerns.

After you have filled out the required information regarding your finances you will want to review your assessment to be sure that you have made no mistakes. If you do make
a mistake the HMRC website should point out your errors for you. Once you have reviewed all your given details and find no errors or gaps, simply press send and you have
finished the process.

It is important to file before the January 31 deadline to avoid any penalties or fines. The HMRC are strict when it comes to filing returns on time however if you have a
valid reason they may choose to remove any penalties. It is best to file on time because there is no real guarantee if your reason for filing late will be approved.


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