How accountant in luton is beneficial for your tax return?

Accountant in Luton and Luton Tax Return

Before you go filling Luton Tax Return, it is essential to understand the nitty gritty of the whole process. However, just make sure that all your records are in order so that you can fill in your tax return correctly. When HMRC checks your tax return, they might want some documents. For instance, you need to keep records and reports of your business income and outgoings, especially if you are self-employed. Look for an expert accountant in Luton if you are not very sure of your records and need help to sort them out. This is important as you can get charged by HMRC if those records are not accurate or readable.

Accountant in Luton

 For the Lost or destroyed records

There are instances when the records pertaining to business and income tax can get lost or destroyed. One can get copies of statements from the banks and ask for duplicate invoices from their suppliers. For those who cannot recreate all their records, it is best to use provisional or estimated figures. Provisional means that you will be able to confirm your figures later while estimated means that you will not be able to confirm the numbers given.

Deadlines for paying your tax

There are certain deadlines for paying your tax bill. For example, for any tax for the previous tax year, which is also referred to as the balancing payment, 31 January is the last date, while 31 July for the second payment on account. It is best to make use of a budget payment plan if one regularly pays throughout the year. One can face the penalty if they miss the deadlines, so make sure you pay HM Revenue and Customs (HMRC) in time.

Tax Return Online

One can pay their tax return online and the same day with the help of online or telephone banking. They can make use of debit or credit card online, and all they need is a paying-in slip to pay at a bank or Post Office from HMRC. If you have an account with HMRC, you can use the option of Direct Debit or pay by cheque through the post. Just make sure that your payments reach HMRC on time, even if the deadline falls on a bank holiday or the weekend.

There can be problems with payment services as online services may be slow during busy times and peak hours. So, be proactive and think of all the issues and concerns when filing your taxes.