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File your tax return – An effective guide to help you do so

As a citizen of the United Kingdom you need to file your tax returns. Now, this can be done either by post or online. Remember, missing the deadline will definitely mean bad news for your finances with an extra charge of around 100 British pounds. If you don’t take care of your finances well, then there are chances of going into debt and then you will be left looking for fast debt relief measures which is definitely not a favourable situation.

Do you need to file a tax return?

Before getting into further details about filing a tax return, the question remains about who should file tax returns. Many are under the illusion that they can do without filing tax returns and this can lead to more financial mess. If you are earning, be it through self-employed means, or a job, or through letting out property or land or any other source, then you very well need to file a tax return.

How will you file your tax returns online?

Now, with the kind of fast-paced lifestyle that everyone leads these days, filing your tax return online is the best idea. Here are a few steps that you need to follow to do so –

  1. Get an account: The very first thing you should do is register for an account with HM Revenue and Customs when looking to file your tax returns online. Visit the account setup page and click on “Register”. You can find this under the “New User” column.
  2. Answer the questions: Next, you have to answer all the questions that you will find on each page. As for the self-assessment option, then it is for the personal tax return and the other options are used for different types of VAT.
  3. Provide information: Make sure that you provide necessary information, like say your email address and likewise. Also, do not forget to enter your Unique Taxpayer Reference or your National Insurance Number when prompted. You can make use of the activation pin that you will receive via mail to log in to your account.
  4. 4. Fill out the forms: Do fill out the Self Assessment forms that you will find online. This will tell you how much tax you owe actually. You can go ahead and submit and pay your taxes with the help of your debit cards as well.
  5. Write a cheque: You must write out a check that will be payable to HM Revenue and Customs only. Make sure that you include your payslip along with the cheque. Remember, your payment is due on January 31st, but you need to file your paper returns by October 31st. You can also go ahead and make the payments to a post office. However, in this case you make the cheque payable to “Post Office Ltd.”

Now that you know how you can file tax returns online, do not delay the process unnecessarily. Instead of getting into debt and opting for fast debt relief, it is better that you avoid fines and file your tax at the right time.

This article has been written by Madison Cooper who is a specialist in legal matters related to filing tax returns. He has written for many reputed websites on various
topics related to filing tax returns.

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One Comment

  1. Posted March 12, 2013 at 13:08 | Permalink

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