Tax is never a nice thing to discuss however it is a part of everyone’s lives, like it or not! But who need to complete a Personal Tax Return? Most people are employed so the employer will deal with it however this is not always the case, note what the website www.businesslink.gov.uk says: “If you have relatively straightforward tax affairs and already pay tax through PAYE (Pay As You Earn) you probably won't need to complete a tax return. But if you have more complicated tax affairs - or income from several sources - you may need to complete one.”
If that is you then you need to get ready? There are two options and two deadlines for completing your tax return, 1) Paper Return Deadline: 31st October 2) Online Return Deadline 31st January. If you are planning to post your Tax online then you need to be aware that you need to register first, this may take longer that you think. We would suggest, as with everything, get it done early! Or you will get a fine.
The governments websites are always a good place to start if you are not sure about your tax, below are just some great places to get more information:
www.businesslink.gov.uk
www.hmrc.gov.uk
www.direct.gov.uk
There are lots of other website which can offer advice however it is always best to know the basis yourself even if you get a professional to do your Tax returns for you, a good tax accountant will save you more money than they will charge you so it could be the best thing you ever do and you can normally sleep well at night too!
How to Find A Good Tax Accountant?
1) Keep it local – It is much easier to meet up and sign the forms you need or pop in with a question if you use a local accountant / tax advisor / tax specialist. Plus when you meet someone face to face you get to know them better and build a tighter working relationship. There are many great accountants in and near Altrincham – Click here for a list of the best!
2) Ask questions – Any good accountant / Tax advisor will be open and frank about tax however, with the tax systems changing frequently they may not have all the answers, as with any expert the best ones may have to come back to you with the answer especially with the more taxing questions (sorry for the pun) this is actually a good thing as it should mean that it is right.
3) Get Recommendations – thebestof/Altrincham is founded of business recommendations, it is the single best way to gain trust in a business and ensure you are talking to the best, so read testimonial and ask around.
4) Meet – always arrange a meeting before signing up with any accountant, it is also a good idea to as to meet with the person who will be actually doing your Tax returns, it is normal to have an Accountant Manage your taxation but for the actual return and the ground work to be done by some more junior in the company, why not ask to meet them as well!
5) Read it! – There is only one person who will be signing off the returns and paying the money that is YOU, so be sure that you read everything and ask questions about the things you do not understand, even do some research if you want more answers.
We hope the above has been helpful but remember tax is always taxing so get it done early and right!
Thebestof Altrincham would like to state that we are not accountants or advisors on matters of Tax and it’s related subjects, we would suggest you get professional tax advice.
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Thebestof Altrincham would like to state that we are not accountants or advisors on matters of Tax and it’s related subjects, we would suggest you get professional tax advice.
This Blog was a note to those in Altrincham on the topic of: Personal Tax Returns.
www.thebesof.co.uk/altrincham thanks you for reading this article, if you would like to become an Altrincham Blogger then click here or see the link on the right of this article, go on have your say in Alty!