How to take the stress and headaches out of tax returns
Most people agree, taxes are not fun! But they are also a way of life for us all. As we leave the carefree days of our youth behind, and also hopefully start earning more money, taxes take on an ever more important part in our life.
But that doesn’t mean we find taxes any easier as we get older. In fact, half of all over 50s rate taxes as a stressful topic, comparing them to dental procedures and being in trouble with the police!
While the deadlines for tax returns and self-assessments are some way off yet, you can file your 2020/21 tax return from as early as April 6th. You don’t pay when you file, so the earlier you submit your tax return, the earlier you will know if you are owed some money, or you can start planning on how to pay back any tax you owe. After the unusual year we have had you could find that your tax situation is different this year to previous years.
For many over 50s including the self-employed, landlords, high-earners and people with homes abroad the clock is now ticking on their self-assessment tax returns.
But there are new online services available, which are taking the stress and headaches out of tax returns.
Tax Returns with TaxScouts
With TaxScouts, tax returns are simple and stress-free. TaxScouts are a full-service tax return company. Their aim is to provide a one-stop service for filing tax returns, including connecting people with a certified UK accountant that can sort the confusing paperwork and answer the challenging questions.
TaxScouts is an online service where you sign up, submit your documents and they do the rest, sorting your self-assessment for just £119, all in. That’s a pretty considerable saving in time and money for those that have employed their own traditional accountants.
As part of their online process, TaxScouts put their users in touch with a certified UK accountant who will help to file the tax return and make sure all the sums add up.
TaxScouts is a service that is a great alternative for people required to submit self-assessment tax returns who are used to either working through the paperwork themselves or employing more costly services.
For the over 50s the most stressful part of tax returns is actually the fear of making a mistake. If this sounds like you, then TaxScouts could be a great alternative.
Tax filing deadlines
For those of you reading this and wondering when the tax return deadlines are, here is a quick rundown:
- You can file your tax return from April 6th onwards
- Self-assessment registration: October 5th
- Income tax filing deadline (paper): October 31st
- Income tax filing deadline (online): January 31st
- The deadline for Income tax payment is January 31st. You can use TaxScouts Income Tax Calculator to help you calculate the tax you might owe this year.
What happens if you don’t submit your tax return on time?
Submitting tax returns late can lead to some unwelcome and unpleasant penalties.
TaxScouts say that every year almost 1 million people miss the tax filing deadline and are then required to pay tax return penalties on top of what they owe. These penalties range from late filing penalties to penalties for paying late, which also include interest on your tax bill.
All-in-all, it’s just not worth taking the risk to pay late! So if you need to make a tax return for 2020/21 then start thinking about it now, and consider TaxScouts, the hassle-free service to help you file your tax return.