{"id":4655,"date":"2025-01-02T13:00:00","date_gmt":"2025-01-02T13:00:00","guid":{"rendered":"https:\/\/ctt-group.co.uk\/accountancy\/?p=4655"},"modified":"2025-01-02T11:53:09","modified_gmt":"2025-01-02T11:53:09","slug":"last-minute-tax-return-advice-for-2024-25-2","status":"publish","type":"post","link":"https:\/\/ctt-group.co.uk\/accountancy\/last-minute-tax-return-advice-for-2024-25-2\/","title":{"rendered":"Last Minute Tax Return Advice for 2024\/25"},"content":{"rendered":"
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It\u2019s that time of year again, a time full of joy and cheer across the land, no, not Christmas, it\u2019s time to fill in your tax return!<\/p>\n

Though if you\u2019re doing it now, you are cutting it a bit fine. The deadline for filing your taxes online is January 31st<\/sup>. If you haven\u2019t completed your tax return yet and are unsure where to start or how to proceed, don\u2019t worry, we\u2019ve got you covered.<\/p>\n

Filling in a tax return can be stressful at the best of times. In this article we\u2019ll look at everything you need to prepare as well as advice on how to efficiently navigate the tax return process.<\/p>\n

The deadline for filing a paper tax return is October 31st<\/sup> so if you were thinking of doing that, think again. Luckily, there is still plenty of time to get your tax return ready to submit online though the deadline is fast approaching.<\/p>\n

What happens if you don\u2019t file your tax return by 31st<\/sup> of January?<\/strong><\/h4>\n

Although the results aren\u2019t dire, they are irritating to have to deal with.<\/p>\n

Missing the deadline for your self-assessment tax return will accrue you some late filing penalties. These take the form of an initial fixed penalty which is then followed by daily penalties for every day your tax return remains outstanding.<\/p>\n

As these penalties grow over time, accumulating from day to day, it\u2019s advisable to file your return as soon as possible. Not only do you get charged each additional day, but those charges have interest added to them and there is another late payment penalty if your tax return isn\u2019t sent in by the end of February.<\/p>\n

The best thing to do would be to contact HMRC to explain your situation or seek out professional advice from an accountancy firm like us here at CTT Accountancy.<\/p>\n

How to prepare your tax return<\/strong><\/h4>\n

Right now, you still have time to file your tax return. In order to make the process as smooth as possible, we recommend preparing well in advance and spreading out the work over the year, rather than having to scramble to put everything together at the last minute.<\/p>\n

Don\u2019t stress, get help!<\/h5>\n

Information included in your self-assessment tax return can be complex with penalties for submitting incorrect information, and if you have neither the inclination nor aptitude for numbers, it\u2019s going to feel like a slog.<\/p>\n

Rather than stress about it and make matters worse, think about asking for help from a professional accountant. We will find any mistakes and advise you on the various tax relief schemes you may be entitled to.<\/p>\n

Research tax allowances and reliefs<\/h5>\n

Reliefs are available for both individuals and businesses. They are worth looking into as they can significantly reduce your tax bill. The most common deductions include things like business expenses, charitable contributions, and training\/educational expenses.<\/p>\n

With any tax relief scheme different rules will apply for different situations. Just because a relief is available, doesn\u2019t mean you will be able to take advantage of it. The best thing to do is consult an expert who can look into any tax reliefs that apply to your specific circumstances.<\/p>\n

Use accounting software<\/h5>\n

This is a good tip for general accounting over the year. Investing in some accounting software like Xero, Sage, or Quickbooks helps to keep accurate record of invoices and expenses as they happen, leaving you with an easy audit trail come tax return time.<\/p>\n

How to file your tax return for 2025<\/strong><\/h4>\n

Once you have all the information at your disposal, it\u2019s time to fill in your tax return. Follow these steps to efficiently carry out the task.<\/p>\n

Register for self-assessment<\/h5>\n

If this is your first time filing a tax return, you need to register with HMRC. You can do this online and HMRC have provided simple options to select from to register your specific circumstances. If you are self-employed or a partner in a business, you will need to submit a tax return.<\/p>\n

Set up a government gateway account<\/h5>\n

Submitting your tax online will require a Government Gateway account. By registering for self-assessment or setting up a limited company you will be issued with a Unique Taxpayer Reference (UTR) number from HMRC. Use your UTR to sign up for a Government Gateway account.<\/p>\n

Make sure you have all the details to hand<\/h5>\n

You will need a series of personal documents and financial information to fill in your tax return. These include:<\/p>\n