Tax Software To Complete Your Self AssessmentPosted on: 29 August 2008 by Gareth Hargreaves
The new self assessment deadline is just weeks away, so it pays to sort out your tax return soon.
Anyone filing a Self Assessment tax return this year should be aware that there's now a new 31st October deadline for paper returns, and it's only weeks away.
Previously, both paper and online Self Assessment tax returns had to be filed by 31st January. But from this year, paper returns must be with HM Revenue & Customs (HMRC) by 31st October, or you could face a £100 penalty. The deadline for filing online returns remains 31st January.
If you file a paper tax return, you therefore need to get organised now. For example, start thinking about what information you need to complete your return, such as your P60, self employment accounts, records of your savings and investments, and details of any untaxed income.
For those who don't feel confident navigating their way through a tax return, software such as TaxCalc aims to make the process of filing tax returns as simple as possible. It can help you complete your return correctly whether you want to file by post or online.
TaxCalc 2008 has been redesigned to incorporate all of the changes in the new HMRC forms and so help make the transition to the new forms painless. TaxCalc's 'year on year comparison' feature will also allow you to see the corresponding data entry from last year, despite the removal of unique box numbers and substantial form changes which make manual comparison difficult.
TaxCalc gives you the option to enter for information in one of two ways. You can use SimpleStep, TaxCalc's unique simplified method, or you can also choose to enter your data directly onto HMRC replica forms. Regardless of which option you choose, TaxCalc contains links to wizards and calculators which will calculate the more complicated entries for you from your figures.
In addition, TaxCalc confirms that a tax return has been received by HMRC, that the data has been captured and that the calculations agree, as well as continuing to provide free support to its users to help them through the new changes.
Once you've filed your return, any tax due has to be paid by 31st January, whether you file on paper or online.
You can register for online filing by visiting the HMRC website and clicking 'Register for Self Assessment Online'. Filing your tax return online has a number of advantages - your tax is calculated automatically, you get an immediate online acknowledgement once you've filed, and it's processed faster, so any money you are owed by HMRC is repaid more quickly.
Help and advice on completing your Self Assessment tax return is available on the HMRC website or from the Self Assessment helpline on 0845 9000 444, which is open seven days a week from 8am to 8pm.
TaxCalc Personal 6, which costs £24.99, contains 6 Personal Tax Returns (SA100) and all the supplementary pages including self-employment, foreign, land and property, capital gains and non-residence.
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