2013-14 Tax Return – The Benefits of Submitting Your Return Early

Posted by on May 7, 2014 in News Alerts, Newsletters | No Comments

The 2013-14 tax year ended on 5th April 2014 and the last date for submitting your tax return for this period is 31st January 2015.

As a result, the common natural instinct is not to even start thinking about this until after Christmas!

However, there are benefits from submitting your tax return early to HMRC. 

If you are likely have tax to pay, the HMRC will be able to tell you how much.  The payment deadline remains 31st January 2015 so there is the opportunity to set money aside for this over the upcoming months.

If you are likely to be due you a tax rebate, the HMRC will start processing the paperwork on receipt of your tax return.

For our clients, we operate an online portal to submit the Tax Return to HMRC which means we can confirm the amount of tax due to be paid or the tax rebate due as part of the process.

If a portion of your income is paid as an employee under PAYE, the date by which your employer must provide you with a P60 is 31st May.

Similarly, if you receive taxable benefits from your employer, the date by which they must provide you with a P11D is the 6th July.

For the companies where we administer the payroll, the 2013-14 P60s have already been issued and we will be preparing and distributing the P11Ds, if applicable, later this month.

Tomorrow we will be emailing our clients with details of the additional information required and the proposed fees for this service.

However, if you are unsure as to whether you need to complete a tax return or have a specific question, please contact welcome@cooperfaure.co.uk.