Seven Tips for a Fast Tax Return - Which news

 Seven Tips for a Fast Tax Return - Which news

Seven Tips for a Fast Tax Return - Which news


1. Collect your documents.

 Looking through letters and emails may seem like you're not doing your job, but one of the best ways to cut down on your tax return time is to get all the paperwork ready in advance. This way, you can simply enter information as you go, without having to stop at each section to search for numbers. What you need will depend on your circumstances, but everyone will need their national insurance number and RUT number to get started. Then, depending on your sources of income, you will need things like P 60 and / or P 45, bills, receipts, student loan statements, lease agreements, and bank statements.

Your 2019-2020 tax invoice must be paid by January 31, 2021, and those paying taxes in invoice payments will also be required to make the first payment of half of their estimated 2020-2021 tax amount.

Those who postponed payment of the bill in July 2020, which was allowed as part of the government's financial measures to support those affected by the corona virus pandemic, will have to pay today.
If you are unable to pay the tax that you owe, you can apply for the MARCH Time to Pay agreement, which spreads tax payments over 12 months until January 2022, however you must file your 2019-20 tax return to apply for this.

4. Don't panic about lost receipts.

 If you're having trouble finding receipts for some of the expenses you want to claim, there are ways to get around this. Instead, consider if you have other ways to prove what you have spent or received - will it appear on your bank statement or email confirmation?

For some types of expenses, a flat rate may be required if receipts or proof of expenses are not required. This includes things like requesting miles for business travel, utility bills if you work from home, or keeping up with work.