What Information Do I Need to Fill in a Personal Income Tax Return?
Are you looking forward to filing a personal income tax return, but don’t know the crucial information you need to fill in?
If yes, you don’t need to
worry anymore. We are here with another informative blog that covers the
crucial information which you need to fill in when you are filing a personal
income tax return. So, without further ado, let’s get straight to the point.
A personal income tax return
also called a self assessment tax return might be a daunting task for you. What
if you are well prepared and organized before you move ahead with this
particular task? When you know what you’ll be asked for, things get a lot
simpler than they looked earlier before you knew the nitty gritty.
Thus, it’s important you
understand the technicalities and common information that you are usually
asked. It will help you file the personal income tax return correctly and avoid
paying any penalties.
If you have never filled in a personal income tax return before,
then you can refer to the point below.
● Before
you move ahead with filing the return, make sure you have:
● Unique
Taxpayer Reference (UTR)
● National
Insurance number
● Details
related to your untaxed income from the tax year. It may include income from
self-employment, dividends and interest on shares
● Details
of expenses related to self-employment, if any
● Charity
or pensions eligible to seek tax exemption or relief, if any
● P60
or other records showing details about the income received for which you have
already paid the tax.
We would also recommend you to
read the relevant HMRC help sheets. Read the extra sections, or supplementary
pages, that relate to your purpose of filling in the personal income tax return
or self assessment tax return.
Hope
you are clear with the important points. If you find difficulty in filing the
return you can consult B Petterson & Bennett. Our experts will guide you and
help you with additional services like employment
of record services, HR, payroll, accounting, bookkeeping, and more.
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