Keep an Eye on Tax Return Deadlines for Your Income Tax Return
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Filing tax returns is an important task, and it needs to be completed before a specific deadline.
I know it can be painful, but knowing tax return deadline can be beneficial and statistically can save you on the late fees.
Sometimes tax deadlines get postponed, life events come up, unexpected situations arise and the day-to-day work piles up over time.
The tax year began on 6 April in 2015 and finished on 5 April 2016. Tax returns online need to be filed by 31 January 2016. Personal tax deadlines are different to limited company corporation tax return deadlines, and you can check the tax deadlines by visiting the home page of the HMRC.
Few more important tax deadlines are as follows; April 6 is the first day of the new tax year, and it is time to get together all essential documents for the 2016/17 tax return. Copies of your employer P60 get issued by 31 May 2016. Statistics show that the average tax rebate in UK is £963 for PAYE workers.
Calculating Tax Returns
Once tax deadlines are known calculating the tax return is the next task on your hands, which needs to be completed carefully as it required precise and correct information. Any discrepancy can cause delay and fine. There are various ways to calculate tax returns like using a tax calculator or a tax estimator or to say do it electronically. Both the tools help to calculate tax returns. Using these tools are not at all difficult. One has to follow the steps carefully and enter information demanded, the result will be the liability regarding an amount that one has to pay in form tax return.
All the tax calculators use few common steps like filing status, whether you are married, single or divorced. Then it will ask you to choose filing options. While calculating tax return one should also keep the deductions and credits in mind. The tax calculator helps in calculating the credits and deduction on the basis of information provided. There are provisions available that might help in saving some money too. The only thing to be sure about is that what information is being provided. One should be ready with all the income and savings details before calculating tax return electronically. Watch out for the tax return deadlines.
In the event of tax, always call Tax Twerk.
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