Those
returns received by HM Revenue & Customs by 30th September 2005
will have the tax calculated by HMRC and, if under £2,000,
collected through your tax code.
Simon Rees, tax senior manager, PricewaterhouseCoopers, said:
"By being organised now you can save yourself time and energy in
January, when you will have to complete your self assessment in
full and work out yourself how much you owe."
Around 1.5 million people have received a new four-page short
return. This has to be submitted by 30th September otherwise tax
payers face the prospect of filling in the larger 12 page form.
PwC offers these tips:
- If it's a paper return, check you've got all the correct
pages;
- Get together all the paperwork you will need, such as your
payslips, P45, P60, P11D, or your business accounts if you're self
employed;
- Make sure interest and dividend amounts add up, i.e. cash + tax
= gross;
- Don't try and enter ISAs, PEPs or ordinary pension
contributions to an employer's scheme;
- Do enter pensions received (including state pension) and
personal pension contributions;
- Don't use pence – round pounds will do; and
- Sign and send your completed form in by 30th September 2005,
keeping a photocopy.
If you don't make the 30th September deadline, all is not
lost:
- You can file online up to 30th December and still qualify for
an HMRC-calculated tax bill and coding out of a modest balance;
and
- The final deadline is 31st January – penalties will only apply
after this date.
If you haven't received a self assessment tax return but your
circumstances have changed so that you now receive income not taxed
at source, such as rental income, you should contact your local tax
office by 5th October to request a return.
