Tax Rebates & Refunds

Advice on filling in a self-assessment tax form

August 18, 2012
Posted in Income Tax — Written by Geoffrey

Whilst people who work for an employer may complain about having to pay tax, they have it easy compared to people who are self-employed who have to calculate their own taxes.

Luckily, HMRC has made it much easier in recent years for self-employed people to file a tax return. All you need to do is fill in a self-assessment form, which you can do by following this advice:

• Fill in and send off your self-assessment form in nice and early – don’t leave it until the last minute

• Get all information and records to hand before you start – this includes your P60, details of pay, expenses and taxable benefits, self-employed accounts and information on other income

• Be honest and as accurate as you can – any exaggerations or omissions are likely to be picked up, and you could find yourself with some questions to answer

• Before adding any figure, think about how you can back it up with evidence if HMRC should ask

• If you make a mistake, tell HMRC immediately

• If you need to claim a tax refund for overpaid tax, you have around four years from the end of the tax year to put in your claim.

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