Things to consider for Online Tax Return
Just the thought of filling out your tax return can fill you with dread. Many people find filing their tax return complicated and time-consuming. It will not come as a surprise that almost 1 million people are fined each year for failing to file their tax return. This is not helped by the fact that HM Revenue & Customs regularly make errors and one in four tax returns are calculated incorrectly.
Due to the constant changes to tax legislation tax returns are becoming more difficult to understand and this can lead to taxpayers risking incurring penalties by failing to complete their returns on time and correctly. The HMRC has always been aware that the scheme is controversial and in an attempt to make the process as simple and as painless as possible online self assessment was born. Although it is still early days for the online system, more and more people are becoming aware of its benefits
Why you should seriously consider filing Online Tax Return
- All calculations are performed automatically so you are spared unpleasant arithmetic. You will also know instantly what you owe or if the Inland Revenue owes you.
- If money is owed to you it will be repaid within weeks, maybe days. The manual system takes far longer to process.
- Once your tax return is submitted you will receive immediate confirmation of its arrival. It is impossible for it to get lost.
If you have concerns about transferring sensitive personal details over the internet your mind can be put at ease as online filing is completely risk free. Your information is protected by one of the most sophisticated security systems in the world. It is almost impossible for anyone outside the HMRC to view your data. All information you submit is encrypted and your account is protected by a unique User ID and password.
If you wish to save yourself a lot of time, worry and money you can employ the services of an accountant to do all the necessary calculations and complete your tax return. A good accountant will even offer advice on how you can minimise your tax liability. The accountant should be up to date in their knowledge of all tax legislation as they will in effect act as your agent, dealing with HMRC on your behalf.
If you are looking for an accountant to take away the hassle of your tax return visit www.kbaccountancygroup.com . Their self assessment tax return service is second to none and extremely competitive when it comes to price.
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