Tax Returns
You have the flexibility to complete your tax returns either online or by downloading and printing the form to send to HM Revenue and Customs via mail. This form captures your taxable income for the financial year, enabling HMRC to compute your tax liability. Tax forms issued by HM Revenue and Customs can be daunting, as even minor errors can lead to significant financial consequences or penalties, even if they are unintentional.
To avoid penalties, it is crucial to submit your tax return before the deadline. If you incur a late penalty fine, you have the option to appeal, and in many cases, HMRC may waive late penalties if a valid reason is provided.
The deadlines for submitting your self-assessment HMRC tax return are as follows:
- For self-employed individuals or sole traders, the deadline is October 5th.
- For paper tax returns, the deadline is midnight on October 31st.
- For online tax returns, the deadline is midnight on January 31st.
- Payment of any tax owed is also due by midnight on January 31st.
If you are employed in full-time, part-time, or temporary work, your tax and national insurance contributions are typically deducted by your employer using your BR tax code. However, if you are self-employed, it is crucial to register for self-assessment from the outset of your trading activities. Failing to meet the October 5th deadline may result in penalties, potentially leading to additional tax liabilities.
Submitting a tax return isn’t exclusive to the self-employed; there are various reasons why you might need to file one:
- Do you earn rental income as a landlord?
- Have you earned over £100,000 in the current financial year?
- Are you a company director
- Do you earn over £50,000 and receive child benefits
- Have you received more than £10,000 in investment income?
You have the flexibility to submit your tax return anytime after the end of the financial tax year, with the deadline being January 31st of the following year. However, it’s advisable to complete it sooner rather than later. Doing so allows you to know your tax liability earlier, giving you more time to plan for payment. Additionally, submitting it earlier can help avoid the last-minute rush as others attempt to meet the deadline.
WHAT EXPENSES CAN I CLAIM TAX BACK ON?
You can request a tax rebate on various work-related expenses, including:
• Vehicles used for work purposes
• Fuel and mileage costs
• Travel expenses
• Overnight expenses (with certain conditions for food)
• Rail tickets (both single and season tickets)
• Uniforms, work clothing, and tools
• Cleaning costs for uniforms
• Professional fees, subscriptions, and union fees
This list provides examples of common items eligible for tax rebates, but there may be additional expenses specific to your job role that you can claim.
WHAT ARE THE DEADLINES?
Under current UK legislation, you can retroactively claim a Tax rebate for up to four Tax years. This means that presently, you can submit claims for the following periods:
– Year ending 5th April 2020
– Year ending 5th April 2021
– Year ending 5th April 2022
– Year ending 5th April 2023
Essentially, this allows you to seek Tax relief starting from 6th April 2019.
Over this extended timeframe, it’s possible that wage slips and P60s might have been misplaced or lost. However, there are several avenues to retrieve this information:
1. Contact your current or former employers, as they are legally mandated to maintain your records for up to 6 years. Under GDPR regulations, they are obliged to provide this information upon request.
2. Set up access to your government gateway, which is a straightforward process if you haven’t done so already.
3. Reach out to HMRC at 15419201 and request a tax history letter. Typically, this letter is dispatched within 10 working days of your request and covers a four-year period.
Many workers, whether employed or self-employed, may be eligible for a tax refund due to work-related expenses or overpaid taxes. HMRC doesn’t have insight into everyone’s individual circumstances, so it’s essential for taxpayers to reach out to HMRC to explore potential entitlements to tax relief.
Other factors that could lead to a tax refund include pension contributions, redundancy payouts, interest earned on savings, PPI refunds, or UK income while residing abroad.
All requests for tax refunds are assessed on a case-by-case basis. Utilize our tax claim form and answer a few straightforward questions to determine if you qualify to make a claim.
