S4 Bonus Episode 2 - The HMRC Tax Return!

In this bonus episode, Simon talks listeners through the HMRC tax return, highlighting some key points that they may find useful. Various items covered in this episode that may be of particular interest include the following:Simon starts off by outlining the purpose and nature of the HMRC tax return, as well as explaining who needs to complete it on an annual basis. [01:19]Simon talks about the circumstances in which people might find it helpful to have professional input or assistance from the likes of a financial planner or an accountant. [08:01]Simon mentions the importance of good record keeping before going over the information that needs to be reported and the distinctions (eg between allowable and non-allowable expenses) that need to be made when completing a tax return. [09:41]Particular attention is drawn to the opportunity to report Gift Aid contributions because of the relevance of this option for those who give money to charities (including churches). [15:07]Simon then goes on to explain the dates by which tax returns and payments are required. [16:59]Simon speaks about payment matters, including what to do if you think that you won’t be able to pay the tax due or will be late in making a payment. [21:57]Simon explains how tax codes work. [26:45]Simon concludes by listing some top tips for anyone required to complete a tax self-assessment. His recommendations include the following: consult an accountant if you are finding the process challenging; put money aside for tax payments as the year goes on; be aware of the likelihood of needing to make payments ‘on account’; take advantage, if helpful to do so, of the flexibility available when allocating Gift Aid to a tax year; bear in mind that pension contributions can reduce tax payments; if relevant, carry forward a loss on an investment so that it can be used to offset tax in the future; use the HMRC app to help you to manage your tax information. [29:34]Season 5 of the ‘Where Your Treasure Is…’ podcast, on the theme of ‘Giving’, is coming soon. In the meantime, please use the contact details below to send in any questions that you have about the HMRC tax return that were not answered during this episode. [32:25]<br/>Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast. This show has been brought to you by Free Range Podcasting. You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.