Know The Planning Tips For Successful Self-Assessment Tax Return
Every nation depends on its taxpayers to fund ongoing projects and improve the standard of living. The United Kingdom is not an exception, where the HM Revenue and Customs ( HMRC ) collects income tax via the self-assessment tax return. While most taxes are deducted automatically from wages, savings or pension, you must file the self-assessment tax return if you have untaxed income or your tax affairs are too complicated. You can do this online or in the traditional offline way. So, if you are unsure of how to do it, here are some essential planning tips for a self-assessment tax return that you can follow. Apply for Your Unique Taxpayer Reference First, you need the Unique Taxpayer Reference (UTR). It is a 10-digit code to uniquely identify you as a taxpayer. So, sign up and submit your online application before the deadline. A UTR will be automatically assigned to you. As it takes some weeks to get the UTR, it is best to not wait until the last minute. To get the UTR, submit essent