The UK's Self-Assessment Tax Return Deadline Looms: Don't Get Caught Out
With only days left before the deadline of January 31st, taxpayers are being warned not to leave it until the last minute. Rushing through their tax returns can lead to mistakes and a lack of necessary information, causing delays and stress.
The HM Revenue and Customs (HMRC) phone lines will be busier than usual in the final few days leading up to the deadline, making it more challenging for individuals to get help with their queries.
Before starting on your tax return, gather all the required documents and information, such as P60s, P45s, P11Ds, or PAYE coding notices and tax certificates for investments. You may need to log into your company's intranet or ask someone for assistance if this process isn't straightforward.
The HMRC app is a helpful resource that allows you to access various information, including your unique taxpayer reference and employment income details. It also enables you to set reminders for self-assessment payments and seek help from HMRC's digital assistant.
It's essential to remember side hustles, as any earnings above £1,000 may need to be reported on your tax return. This includes freelance work, casual jobs like babysitting or dog walking, letting property, or trading of any kind.
Savings rates have increased significantly since the previous year, which means more people will exceed their personal savings allowance and need to declare income from savings. Online calculators can help determine if you're one of them. For instance, if you saved £100 but only earned 20% interest, your total earnings would be £125.
Other important tax-related matters include:
- Child benefit: The high-income child benefit charge affects individuals who earn above £60,000 and claim child benefit.
- Charity donations: Gift aid means charities can claim an extra 25p for every £1 donated. You can also make a claim in your tax return as a higher-rate taxpayer.
- Crypto gains: HMRC is cracking down on crypto investors trying to hide their gains from UK and overseas tax authorities. Make sure to declare any gains or losses through the self-assessment tax return.
To avoid falling victim to scams, be cautious of suspicious emails, text messages, or phone calls. Never share personal or financial information via these channels; contact HMRC directly for any refunds or claims.
With only days left before the deadline of January 31st, taxpayers are being warned not to leave it until the last minute. Rushing through their tax returns can lead to mistakes and a lack of necessary information, causing delays and stress.
The HM Revenue and Customs (HMRC) phone lines will be busier than usual in the final few days leading up to the deadline, making it more challenging for individuals to get help with their queries.
Before starting on your tax return, gather all the required documents and information, such as P60s, P45s, P11Ds, or PAYE coding notices and tax certificates for investments. You may need to log into your company's intranet or ask someone for assistance if this process isn't straightforward.
The HMRC app is a helpful resource that allows you to access various information, including your unique taxpayer reference and employment income details. It also enables you to set reminders for self-assessment payments and seek help from HMRC's digital assistant.
It's essential to remember side hustles, as any earnings above £1,000 may need to be reported on your tax return. This includes freelance work, casual jobs like babysitting or dog walking, letting property, or trading of any kind.
Savings rates have increased significantly since the previous year, which means more people will exceed their personal savings allowance and need to declare income from savings. Online calculators can help determine if you're one of them. For instance, if you saved £100 but only earned 20% interest, your total earnings would be £125.
Other important tax-related matters include:
- Child benefit: The high-income child benefit charge affects individuals who earn above £60,000 and claim child benefit.
- Charity donations: Gift aid means charities can claim an extra 25p for every £1 donated. You can also make a claim in your tax return as a higher-rate taxpayer.
- Crypto gains: HMRC is cracking down on crypto investors trying to hide their gains from UK and overseas tax authorities. Make sure to declare any gains or losses through the self-assessment tax return.
To avoid falling victim to scams, be cautious of suspicious emails, text messages, or phone calls. Never share personal or financial information via these channels; contact HMRC directly for any refunds or claims.
with all the hustle and bustle around tax season, i think people forget that accuracy is key 
! a quick glance at a simple diagram like this one will help you stay on track 
. and let's not forget to stay safe online 
, scammers are everywhere! 
like who has time to do that in uni? our professors are always on our case about homework and exams, can't we just have one less thing to worry about? 
anyway, side hustles sound kinda cool but I don't wanna mess up my taxes 
maybe I'll just ask my parents to help me out or use the HMRC app 
gotta stay on top of this!
I swear, if I have to listen to one more person asking for help with their tax return, I'm gonna lose it. Just use online calculators and do your own research, people! It's not that hard. 
gotta remember to log into our company's intranet too 
. I think it's really important that everyone takes some time now to gather all their documents and information beforehand 
. Don't even try to log into your company's intranet or ask for help if you're not sure what you're doing – just take a deep breath and do your research 
!
and what really gets me is that those who have side hustles or investments are stuck with even more complexity 
anyway, pls do your research, use the hmrca app, and for goodness sake dont fall for those phishing scams 
. It's not that hard to gather all the required documents and info beforehand, trust me I've been there 
. And honestly, who even uses the HMRC phone lines? Download the app and use the digital assistant, it's way more efficient 
. Can't we just have a simple thread without all the extraneous info? Like, can we just focus on the tax return stuff already? 
.
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dont let the hmrc app help u cuz its a lifesaver lol seriously, make sure u gather all ur documents n stuff before startin the return. an d dont ferget about side hustles!!! 
savings rates r up n up so u gotta keep track of ur gains n losses. n crypto gains r no joke, so declare it or face the music 
I need a flowchart or something to help me navigate all the rules and stuff. And what's up with side hustles? I've been making some extra cash on Fiverr and I have no idea if I gotta report it on my tax return