'Preparation is key' for tax returns

'Preparation is key' for tax returns
Contractors can make dealing with tax returns easier by planning ahead, one expert says.

Leonie Kerswill, tax partner at PwC, said that although tax returns may be the last thing on people's minds as the festive season comes to an end, "preparation is key".

"And do remember that you have to pay your tax - plus any payment on account due - by January 31st as well - it's not just about getting the form in," she adds.

According to HM Revenue & Customs (HMRC) registration for online submission must be completed January 31st 2011.

In addition, there are only a few cases where HMRC still allows the return of tax on paper instead of online without acquiring a penalty.

Almost nine million self-assessment tax returns from the last tax year had been received by April 5th 2010, with 74 per cent of these filled out online.
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