UK Tax Return Deadline Looms: Don't Wait Until Last Minute
The 31st of January marks the deadline for submitting UK tax returns for the 2024-2025 tax year. However, don't put off until tomorrow what you can do today to avoid last-minute rushes and potential errors.
One crucial step is gathering all necessary documents and information, such as P60s, P45s, P11Ds, or PAYE coding notices and tax certificates for investments. This might require logging into your company's intranet or asking someone for help, so plan ahead to avoid any difficulties.
The HMRC app is a valuable tool that can help you obtain and check important information, including your unique taxpayer reference and employment income details. You can also use it to set reminders for self-assessment payments and ask HMRC's digital assistant for assistance.
If you have a side hustle or freelance work, be aware that you may need to pay tax on earnings above the £1,000 trading allowance threshold. Registering for self-assessment as a sole trader will allow you to file your return by January 31st and avoid any potential penalties.
Interest rates have increased, making it more likely for individuals with savings to exceed their personal savings allowances of £1,000 for basic-rate taxpayers or £500 for higher-rate taxpayers. Check online calculators to determine if you're in this situation.
Pension tax relief is another key area to consider. If you're entitled to make a claim but don't, you'll be losing out on potential savings. Be aware that there are different rules for Scotland and "relief at source" schemes used by personal pension plans and some workplace schemes.
Charitable donations made through gift aid can also impact your tax liability. Remember to include regular donations in your tax return and search for one-off contributions that qualify for gift aid.
Stay alert to potential scams from HMRC, which have been targeting taxpayers with fake emails, texts, or phone calls. Never click on suspicious links or share personal information; report any suspicious communications directly to HMRC.
Lastly, check out HMRC's YouTube channel for helpful "how-to" videos on topics like viewing your self-assessment tax return calculation and using the HMRC app for payments.
The 31st of January marks the deadline for submitting UK tax returns for the 2024-2025 tax year. However, don't put off until tomorrow what you can do today to avoid last-minute rushes and potential errors.
One crucial step is gathering all necessary documents and information, such as P60s, P45s, P11Ds, or PAYE coding notices and tax certificates for investments. This might require logging into your company's intranet or asking someone for help, so plan ahead to avoid any difficulties.
The HMRC app is a valuable tool that can help you obtain and check important information, including your unique taxpayer reference and employment income details. You can also use it to set reminders for self-assessment payments and ask HMRC's digital assistant for assistance.
If you have a side hustle or freelance work, be aware that you may need to pay tax on earnings above the £1,000 trading allowance threshold. Registering for self-assessment as a sole trader will allow you to file your return by January 31st and avoid any potential penalties.
Interest rates have increased, making it more likely for individuals with savings to exceed their personal savings allowances of £1,000 for basic-rate taxpayers or £500 for higher-rate taxpayers. Check online calculators to determine if you're in this situation.
Pension tax relief is another key area to consider. If you're entitled to make a claim but don't, you'll be losing out on potential savings. Be aware that there are different rules for Scotland and "relief at source" schemes used by personal pension plans and some workplace schemes.
Charitable donations made through gift aid can also impact your tax liability. Remember to include regular donations in your tax return and search for one-off contributions that qualify for gift aid.
Stay alert to potential scams from HMRC, which have been targeting taxpayers with fake emails, texts, or phone calls. Never click on suspicious links or share personal information; report any suspicious communications directly to HMRC.
Lastly, check out HMRC's YouTube channel for helpful "how-to" videos on topics like viewing your self-assessment tax return calculation and using the HMRC app for payments.
Can't believe we have to deal with tax returns again... I mean, who doesn't love filling out forms and crunching numbers all day? 
Anyway, just a heads up, make sure you gather all those documents and info before the 31st or you'll be cursing yourself for putting it off. And btw, don't fall for those HMRC scams - they're basically just phishing for suckers 
. Also, if you have a side hustle, register as a sole trader ASAP so you can file your return on time and avoid penalties 
. Oh, and pension tax relief is important too... because who doesn't want to lose out on savings? 
I swear if I had to sort it out one more time I'd lose my mind lol. Can't believe they're making us submit by Jan 31st like that's not stressful enough for us already. And all these extra things we gotta keep track of, pensions, interest rates, charitable donations... it's like they expect us to be superheroes 
or something! At least the HMRC app is a good tool, but still, I don't wanna mess up my return and end up in trouble. Scams from HMRC are like, really annoying too... who needs that kind of stress? Can't we just have one simple tax season for once?! 
. If you're self-employed or got side hustles, don't forget to pay tax on those earnings over £1k! 
and use that hmrc app 4 help 
also if ur self employed or got a side hustle u might need to pay tax on earnings above £1000 
so check online calculators & make sure u register for self-assessment 
. But you know what really gets my goat? Those fake HMRC scams 
. And omg, have you seen the videos on the HMRC YouTube channel? Like, a total lifesaver 
. Okay, I think I need to go work on my tax return now... 
It's all just so overwhelming! Can someone please just make it easy for us?! 
. Can someone explain it to me like I'm 5?
... just think about all those people trying to file their taxes at the same time, stressing out 
. And don't even get me started on charity donations 
... if you're using gift aid, make sure to include those in your taxes or you'll be losing out 
...
. and omg interest rates are like whoa, make sure ur savings allowance is right or u might end up owing more tax than expected 
. and btw have u seen the youtube vids on hmrcrecognia? super helpful! 
It's just going to be a stressful way to ring in the new year, you know? January 31st is just around the corner and it's already getting busy. I mean, have you seen all those different forms and documents you need to gather? P60s, P45s... it's like trying to find needles in a haystack! 
anyway, just take a sec to watch some vids on the HMRC app & stay organized 
. Gather all those docs and info like P60s and investments, and use the HMRC app to check your stuff 
. Easy peasy!