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Local Life Article – August – Benefits of filing your tax return early
We write regular articles for Local Life magazine, here is our article from August.
Summer holidays are now drawing to a close and it is now a good time to be looking at completing your tax return for 2014. The deadline for submitting this to HMRC is 31 January 2015.
As a reminder, the following are the main reasons you may be required to completing a return:
- Anyone who is self-employed, that is they are not employed and pay income tax via PAYE.
- If you are lucky enough to have savings income above £10,000. - If you receive rental income from a property. - Company directors must complete a return. - You have Capital Gains Tax to pay as you have sold an asset. - You have received income from overseas such as pensions that are liable to UK tax. - If you are employed and want to claim for expenses or professional subscriptions. - The changes to the Child Benefit system mean that any household with someone earning more than £50,000 lose a proportion of the benefit. Households where the highest earner has a salary of £60,000 lose the benefit entirely. Parents who are in this situation must register with HMRC and complete a tax return before 31 Jan 2015.
There are a number of benefits to completing your return early, by 31 October, instead of leaving this until the end of the year:
1. Paper returns can still be submitted before 31 Oct 2014 and HMRC will calculate what tax you owe. 2. If you owe any tax on your 2013/14 income and this is below £3,000, HMRC can amend your next year’s tax code. 3. If you are self-employed, the earlier you know your tax liability, the more time you have to plan your payments. 4. Finally, you will sleep better at night because this is not on your mind anymore!!
You may have this in hand but if you need any help with this we can complete your SA Return.
We have a special discount of 15% off our standard fees for SA Returns if you contact us before 30 September. Please quote reference “Local Life Sept 15%” to qualify for this rate.
Please contact us if you would like to discuss anything in this article.
Tax Tips of the Month: Business Mileage Claims – Do you claim business mileage expenses from your employer for using your own car? If the rate you are being reimbursed is less than 45 pence per mile, and you claim a significant amount of miles per year, above about 3000, then you may benefit from a tax relief claim.