5 Points Worth Knowing for Your Tax Returns
When you don’t double-check your tax return, you may be paying more taxes than you should.
11:29 24 March 2013
Everyone gets a little busy now and then, which is why it’s easy to sometimes avoid checking over your tax return with a fine-tooth comb for any errors. The reality is that some errors may be costing you money that would be much more useful in your billfold.
Here are a few things to check on your tax return:
- Tax—this is probably a given, but bears stating regardless. Check to make sure you are actually paying the appropriate tax by checking your tax code.
- Corrections—if you see the wrong tax code listed, or any other errors, don’t let them slide. Be sure to make corrections as soon as possible. You would contact HM Revenue & Custom for any corrections after your check on your tax return.
- Figures—don’t be afraid to double check the figures. Review your P800 Tax Calculation to ensure that everything makes sense. If something doesn’t add up (pun intended, of course), again, contact the HM Revenue & Custom so that it can be addressed.
- Employment changes—these types of changes can present some mind-boggling tax drama, but don’t let that scare you away. Take a little while to try and figure it out, or ask for assistance. Changing jobs, retiring, and becoming a student can all have an effect on your tax return?
- Personal changes—make sure that all changes such as relocations, marriages/civil partnerships, pensions, state benefit changes, and income changes are reported. This is critical to ensure you receive the appropriate amount of tax.
It is always best to address changes with the HM Revenue & Custom as quickly as possible after the event. Check on your tax return and make sure you haven’t overpaid.