Preparation is crucial as the next self-assessment tax return deadline approaches January 31, 2024.
Tax Return: A Simplified Guide
Telegraph Money presents this method to simplify and prevent penalties.
Tax returns allow HMRC to collect income not covered by automatic wage deductions. Whether you file a paper return (due October 31) or online (deadline January 31 of the following year), declare income accurately.
Tax returns are needed more due to frozen tax thresholds and limited tax-free allowances. More people must file, especially those with complex income or tax situations.
Tips for the Self-Employed, Landlords, and Penalties
It recommends self-employed people to document business expenses to decrease tax burden precisely. The essay stresses the significance of two “on account” tax payments to avoid year-end surprises.
It advises landlords on acceptable expenses including maintenance and repairs and how to submit rental income to HMRC.
Finally, the guidance warns of late submission penalties. Late paper returns incur late fees, which can exceed £100, plus interest.
READ ALSO: A 2024 guide to nailing your tax return
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