What do I need for my tax return

Understanding UK Tax Returns in 2024: A Comprehensive Guide

Navigating the complexities of tax returns can be daunting for many in the UK. As we move into 2024, it's crucial to stay informed about the latest requirements and changes. In this comprehensive guide, we'll walk you through what you need to know to successfully file your UK tax return in 2024.

Who Needs to File a Tax Return?

Not everyone in the UK is required to file a tax return. Generally, if your only income is from wages or a pension, HMRC calculates the tax you owe automatically. However, you must file a tax return if you:

• Are self-employed or a sole trader earning more than £1,000.

• Are a partner in a business partnership.

• Have untaxed income, such as money from renting out a property.

• Receive dividends, savings, or investment income.

• Have made profits from selling assets like shares or property (Capital Gains Tax).

• Have income from abroad that you need to pay tax on.

Key Dates for 2024 Tax Returns

• 5th April 2024: End of the 2023-2024 tax year.

• 31st October 2024: Deadline for paper tax returns.

• 31st January 2025: Deadline for online tax returns and for paying any tax owed.

Required Documents and Information

• National Insurance Number and UTR (Unique Taxpayer Reference).

• P60 or P45 forms if you're employed or have left a job within the tax year.

• Records of untaxed income, such as income from self-employment or rental income.

• Records of expenses related to self-employment or business.

• Information on savings, investments, pensions, or dividends.

• Charitable donations made through Gift Aid, which can be used to claim tax relief.

• P11D form if you've received any ‘benefits in kind’ such as a company car.

Filling Out Your Tax Return

• For Self-employed Individuals: Report your business income and expenses. Utilize the Self Assessment tax return section on the HMRC website or a commercial software package.

• For Employed Individuals: Declare any untaxed income. You might not need to declare income from employment if it's already taxed through PAYE (Pay As You Earn).

Potential Changes in 2024

Stay vigilant for any changes in tax legislation. In recent years, there have been adjustments in tax bands, allowances, and the introduction of digital reporting for VAT. It's advisable to consult the HMRC website or a professional accountant for the most current information.

Seeking Professional Help

Tax returns can be complex, especially with changing regulations and individual circumstances. Seeking advice from a professional accountant or tax advisor is often a wise decision to ensure accuracy and compliance.

Conclusion

Preparing your tax return accurately and on time is crucial to avoid penalties. Understanding the requirements and staying informed about changes will make the process smoother. Remember, it's not just about compliance; effective tax planning can also lead to potential savings.