Tax returns for the 2018-19 tax year are due by midnight on 31 January 2020. If you are amongst the 11.5 million people who need to file one, getting some help from accountants Conwy or simply getting a head start will help you to avoid a £100 fine for missing the deadline.

Rather than leaving it until the last minute and spending the deadline day getting incredibly stressed trying to find a year’s worth of receipts; follow these tips and you’ll have a stress-free time completing your tax return.

Be Aware of the Penalties for Missing the Deadline
This might sound incredibly strict, but even if you file your return just one minute after midnight on 31 January, you could be automatically landed with an automatic fine of £100. The longer you leave it after the deadline, the more the fines will escalate - even if you don’t owe any tax this year. If you do owe tax and you’re late paying it, you could be charged with late-payment fees on top of the late-submission fees.

In short, if you’ve received income during the 2018-19 tax year that you need to declare, or HMRC has simply asked you to submit a tax return, it’s best to get started sooner rather than later, just in case you run into any problems or delays.

Gather Your Receipts First
We all know that finding receipts, corresponding bank statements and additional documents like your P60 can actually be the most time-consuming part of completing a tax return. The best way to tackle this issue is to keep your records up-to-date throughout the year - set aside a day every month or every quarter to sit and get everything in order. However, if this hasn't happened, there are a few ways to make the process easier.

Try to find all the receipts and documents you’ll need before sitting down and getting comfy. If you need your receipts to make an expenses claim, you might still be able to use other evidence such as a bank or credit card statement if it turns out that the physical receipt has gone missing.

Some things can also be claimed at a flat rate, such as mileage costs, working from home or living at your business premises - so you won’t need receipts for every transaction in this instance.

Don’t Delay if You Have Missing Figures
If you’re stuck waiting for paperwork to confirm any figures, remember that it’s always better to make a reasonable estimate than to miss the deadline. When you receive the correct figures, you can submit an amendment via the HMRC portal or your tax software.

HMRC can fine you if it believes that you’ve been careless in providing the wrong information, or if your figures are deliberately misleading. So, make sure your estimate is reasonable and correct the figures as soon as you can.

Brush Up on Your Tax Know-How
Dealing with a tax return can be a confusing and seriously time-consuming task, but it’s made even worse if you’re not familiar with key terms or aren’t sure what information you’ll require to fill it in. Make sure you have knowledge of the key tax rules and allowances; tax-deductible expenses, tax-free income and allowances, self-employed capital allowances, tax on property and rental income and capital gains tax thresholds and rates.

Be Ready to Pay
It’s not just the tax return that’s due on 31 January; many people will also need to pay their tax bill by this time. Only those who paid a salary or pension, submit their return before 31 December and have a tax bill of less than £3,000 will have the option to pay tax via PAYE throughout the following tax year. Otherwise, you’ll need to settle the balance on 31 January.

For those who are self-employed and pay tax by payment on account, you’ll have already paid the estimated tax for the 2018-19 tax year. In this instance, you may have to make a settling payment, and then pay the first half of your estimated bill for 2019-20.

You can’t pay your tax bill with a credit card. If you know you’re not going to have the funds to cover the bill, get in contact with HMRC as soon as possible. You may be given a different payment plan or later deadline if you genuinely don’t have enough funds. If you simply don’t pay on time, you’ll be charged interest on the tax you owe and there may also be additional charges.

Use an Online Tool
As the paper tax return deadline has now passed, submitting your tax return online is your only option. You can submit through the HMRC tool, as well as some online tax calculators. The advantage of using a tax calculator is that you’ll be given some helpful tips along the way, and told what information to enter and how it affects your total tax bill.