Income Tax Return
Time is very valuable and the more organized you stay in your personal and business affairs the more productive you can turn out to be in Income Tax Return. Here are some of the reminders that will help you stay on task and avoid making return visits to the tax office.
What is income tax return?
Income tax return is a detailed and comprehensive document you file with the HMRC reporting all your income, profits and even all your losses of your own business and other deductions as well as complete details about your tax refund or either tax liability. It is an official document that income tax payers are supposed to complete to state their income amounts, contribution deductions, and all relevant financial information required for tax purposes.
What will you need?
An income tax return is a document that companies and individuals use to report the gross income they receive in a given or present year. The return is filed with the tax authorities after assessing and calculating tax on income. There are various types of incomes that you will need to report. Items that will help you to calculate taxable income accurately include up-to-date financial reports for companies that are owned by you and statements for all other sources of income, qualified expenses, tax credits and deductions. Your tax professional can also answer all questions to help you understand income reporting guidelines before submitting your return.
Why you need source documents?
To properly prepare your income tax return, you must be sure to have all source documents for each item that you will claim. Without proper records, there is more chance for reporting errors, overpaying taxes and over reporting income. When you submit an incomplete and inaccurate tax return, this can lead to a recalculation of the tax that you owe. In some cases, you could be hit with heavy fines for penalties and interest.
Where to get the information you need?
If your records are not in order, then most of the information for completing a tax return will already be in your files. For example, if you are an owner of a business refer to your company’s financial reports, depreciation schedules and payroll report to start the procedure
What do WeAccounTax?
We can prepare and file your income tax return with our fast and efficient process using our unique online system. You can speak to our accountant if you have any queries. If you need help, you can contact us, because our clients are important to us.