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Personal Tax Returns - Top Tips!
Home Finance Tax
By: Nicky Larkin Email Article
Word Count: 368 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

Do you dread preparing your personal tax return? Below are some top tips to decrease the pain and stress of preparing personal tax returns.

TIP 1: Keep all the information you need for your tax return in a safe place

TIP 2: Common Required Tax Return Items

  • If you have a salaried job, keep the following PAYE (pay as your earn) documents, P60 (confirmation of the full year salary and tax deducted) and P11D (Benefits in kind statement).
  • If you are a CIS contractor, keep all your CIS payslips with deductions, invoices, purchases and receipts.
  • If you are a sole trader / partnership you will need to make sure you keep full accounts for your business so that these can be included in your self-employed pages of your tax return.
  • End of year bank statements showing any interest paid to you and the tax deducted.
  • Dividend vouchers.
  • Rental income information, full income and allowable costs.
  • All information of any capital gains or losses, for example sale of shares or a second home.
  • Mileage expenses paid to you by your employer if paid at less than the tax free allowance
  • Pension Contributions
TIP 3: Early Preparation - Donít leave the preparation until the last minute, as then there is less time to find all documents and review everything carefully. If you are due a tax rebate Ė you will receive it the sooner you file the return.

TIP 4: Put Money Aside - Put money aside during the year if you expect to pay tax, perhaps in a tax savings account, so that you donít have to suddenly find a large lump sum.

TIP 5: Seek Professional Assistance - If your personal tax return is going to be complicated, for example, you have capital gains to calculate or a sole trader, get a professional accountant to do this for you, they will be able to prepare the return in the fraction of the time that you would and also may be able to recommend tax saving ideas that you hadnít considered as yet and understand possible reliefs that are available.

By Nicky Larkin of Goringe Accountants in London; providing high-quality bespoke accountancy services and tax advice. British Accountancy Awards 'Highly Commended' Winner.

Article Source:
http://www.articlebiz.com/article/1051634002-1-personal-tax-returns-top-tips/

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Article Comments
Wow, some great tips in there, thanks!!
August 07, 2015 04:30:09
Topher Says
Many thanks for your great post.

I have been looking for an accountant in London to help me with my tax returns for a while now - so I will definitely contact you via your great website!
August 07, 2015 15:40:38
London Accountants Says

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