Tax Rebates & Refunds

Filing for a tax rebate? Refer to the tips mentioned below

January 21, 2011
Posted in Tax Rebates — Written by Geoffrey

Financial organisations, institutions and other corporations file their tax returns before the 15th April. This date marks the end of the financial year.

Refer to the tips mentioned below if you are organising finances and are filling in your tax return forms.

Tip 1: Show your travel expenses

If you run a business of your own, ensure that you provide proof of travel expenses. Hotels, airfare, taxis and car rentals are other deductible travel costs.

Tip 2: Keep a record of your medical expenses

Health and dental insurance are deductible medical expenses. Ensure that you make sure the HMRC know you have these benefits before they work out how much tax you owe.

Tip 3: Always file your returns on time

It is important to file returns on time. This will allow you to escape penalties and fines you may otherwise accrue. It will also avoid financial problems for your business.

Tip 4: File for returns separately

If you and your partner both own a business, it is advisable to file returns separately so that your money record with the HMRC will be enhanced.

The aforementioned tips will ensure that you file your returns appropriately. Speak to an expert and seek their advice if you are unsure about the process.

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