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Online Tax Returns Up 8%

August 8, 2012

It is believed that over 400,000 tax payers submitted an online tax return on the 31st January (the deadline for tax returns), despite the fact that most of the call centre workers at the HMRC were on strike.

In fact, the HMRC has revealed a total of 7,446,291 tax returns have been submitted this tax year – 8% more than the previous year.

So why the sudden increase?

Experts have revealed that the main reason for this rise in submissions is partially down to the fact that submitting your tax return online is faster and easier than filing out a form.

How are online and paper tax returns different?

Aside from the obvious difference in their deadlines – Paper (31st October following the end of the tax year ) and online (31st January following the end of the tax year) – the main difference between the 2 is how you approach the submission.

For instance, to submit an online tax return you first need to register so you can use the online system. Once registered, the HMRC will send you an activation code (in the post) which will then enable you to log on.

Similarly, whilst with the paper versions, you are provided with all the pages you need to fill in; online, the HMRC’s free software doesn’t display Ministers of Religion, Non-resident pages and Trust income, meaning you will also need to get commercial software, so you can submit a partnership tax return online as well.

In addition, by submitting your tax return online you can benefit from:

  • Checking your account details at any time to see what tax is due
  • Amend your tax return
  • Being able to save an electronic copy of your return and print it off
  • Receiving immediate acknowledge that your tax return has been received by the HRMC (the HRMC do not send out receipts for paper tax returns meaning should your return get lost in the post, you can’t prove that you sent it or that they received it)
  • Having your tax calculated automatically, meaning if you have overpaid you will get repayments faster

Either way, whether you choose to submit your tax return online or offline, you need to be careful that you put in all the correct information and get it submitted on time, otherwise you may face getting a fine.

Fortunately you don’t have to tackle your tax return alone. Accountants for business can easily help you to manage your accounts, fill in your tax return and ensure it is sent in on time.

So if you are struggling to fill in your form, why not consider employing the help of a business accountant?

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From → Accounting News

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