The UK tax deadline is fast approaching – here's what you need to know.
The clock is ticking as the deadline for submitting your UK tax return draws near. It's crucial not to put it off until the last minute, as this can lead to errors and stress when trying to complete the form. HM Revenue & Customs (HMRC) phone lines will also be busier in the final days leading up to the deadline.
To get started, gather all necessary documents and information, such as your P60, P45, P11D, or PAYE coding notices, and tax certificates for investments. If you're unsure about anything, HMRC offers an online tool that can help determine if you need to submit a return.
When completing your tax return, use the HMRC app to obtain and check information, set reminders, and get digital assistance. This will save time and reduce stress when trying to complete the form.
Don't forget to account for side hustles, which may be subject to self-assessment if you earn more than £1,000 in a year. Remember that everyone has a trading allowance of this amount before they need to pay tax on any additional income.
The personal savings allowance, which was previously used as a safety net when interest rates were low, now affects many people due to higher interest rates. With the new rules, those earning 4% interest will only be able to hold up to £25,000 in their standard savings account before facing tax as a basic-rate taxpayer, or £12,500 for higher-rate taxpayers.
When completing your tax return, make sure to declare any gains and losses from cryptocurrency investments, as HMRC is cracking down on tax evasion involving digital currencies.
Charity donations are also important when submitting your tax return. If you donate through gift aid, charities can claim an extra 25p for every £1 donated. As a higher-rate taxpayer, you may be able to claim back the difference between what was paid and what was claimed in your tax return.
To avoid scams, stay alert to suspicious emails, text messages, or phone calls from HMRC. The department will never ask for personal or financial information via these channels; instead, they will contact customers by email, text, or phone with legitimate reasons such as a refund or request to claim one. If you receive an email that appears suspicious, forward it to [email protected] and report the incident.
Finally, check out HMRC's YouTube channel for short "how-to" videos on various tax-related topics. These can provide valuable guidance and help with your tax return submission.
The clock is ticking as the deadline for submitting your UK tax return draws near. It's crucial not to put it off until the last minute, as this can lead to errors and stress when trying to complete the form. HM Revenue & Customs (HMRC) phone lines will also be busier in the final days leading up to the deadline.
To get started, gather all necessary documents and information, such as your P60, P45, P11D, or PAYE coding notices, and tax certificates for investments. If you're unsure about anything, HMRC offers an online tool that can help determine if you need to submit a return.
When completing your tax return, use the HMRC app to obtain and check information, set reminders, and get digital assistance. This will save time and reduce stress when trying to complete the form.
Don't forget to account for side hustles, which may be subject to self-assessment if you earn more than £1,000 in a year. Remember that everyone has a trading allowance of this amount before they need to pay tax on any additional income.
The personal savings allowance, which was previously used as a safety net when interest rates were low, now affects many people due to higher interest rates. With the new rules, those earning 4% interest will only be able to hold up to £25,000 in their standard savings account before facing tax as a basic-rate taxpayer, or £12,500 for higher-rate taxpayers.
When completing your tax return, make sure to declare any gains and losses from cryptocurrency investments, as HMRC is cracking down on tax evasion involving digital currencies.
Charity donations are also important when submitting your tax return. If you donate through gift aid, charities can claim an extra 25p for every £1 donated. As a higher-rate taxpayer, you may be able to claim back the difference between what was paid and what was claimed in your tax return.
To avoid scams, stay alert to suspicious emails, text messages, or phone calls from HMRC. The department will never ask for personal or financial information via these channels; instead, they will contact customers by email, text, or phone with legitimate reasons such as a refund or request to claim one. If you receive an email that appears suspicious, forward it to [email protected] and report the incident.
Finally, check out HMRC's YouTube channel for short "how-to" videos on various tax-related topics. These can provide valuable guidance and help with your tax return submission.
. Gather all ur documents, check ur investments & side hustles, use the HMRC app for digital assistance 
. If u earn over £1k in a year from a side hustle, u gotta self-assess it. And omg, 4% interest? Only hold £25k in ur standard savings account or £12.5k if ur high-rate taxpayer lol 
. Don't even think about hiding gains & losses from crypto investments from HMRC 
. And charity donations are actually pretty cool too - claim back the difference u paid vs what u donated as a higher-rate taxpayer! 
I've been thinking about taxes a lot lately... it got me wondering, what does it say about our society that we need to be reminded of this every year? 
It's like, we're expected to manage our personal finances and make decisions based on the rules, but sometimes I feel like those rules are just a way to control us. Like, think about it, if you earn more than £1,000 from your side hustle, you need to pay tax... that's not necessarily fair or reasonable. 
It makes me wonder, is our tax system really designed to help us or just generate more work for accountants and bureaucrats? 
they got these awesome tools like the app to help u do it, use it fam! also remember to keep track of side hustles & crypto gains, dont wanna get audited 
just wanted 2 remind ppl to stay on top of their tax game 
! dont leave it to the last min or ur gonna stress so much 
i mean, who wants that? 
just make sure u gather all ur docs & info and use hmrc's online tool 2 check if u need 2 submit a return 
and btw, be careful of scams from fake hmrc emails 
report any suspicious ones and stay safe online 
and did u know that HMRC has like 1,000 staff on hand to help ppl w/ their tax returns? 
it's crazy how much they r doing to make the process easier. btw, did u know that in 2022, ppl claimed £23bn in charity donations? 
no more scrambling for info i got my p60s and p45s all in one place easy peasy now i'm good 
But seriously, folks, get your ducks in a row, gather those receipts and forms, and use the HMRC app to stay organized. Don't fall for those phishing scams, either - just be cautious and report suspicious emails/texts to the right people 
you gotta stay on top of things and dont let the deadline sneak up on u 
. Anyway, I guess it's good to know about all these things, even if it is a bit overwhelming 
. So, yeah, let's just get this over with and hope we don't mess up too badly 
.
. Still, at least HMRC has some decent tools and resources online to help us navigate the whole thing... I think 
. Like, who knew they'd crack down on cryptocurrency investments so hard? It's all good to get those gains and losses out of the way, but it's also kinda stressful thinking about all that extra paperwork 
anyway, good luck to everyone out there trying to get their taxes done on time, may the odds be ever in your favor 
! 
The app thing sounds cool and all, but what if you don't have a smartphone or data plan? That's just great. And don't even get me started on the crypto investments... who knew they were watching so closely? 
. I'm just waiting for HMRC to start cracking down on all these side hustles too - how many people are actually making that kind of extra income? 
