5 Key Benefits of Filing UK Tax Return Online
Self-assessment applies to individuals who are self-employed, company directors, earn income from renting out property, or receive income from sources not covered by PAYE, as well as those with income from abroad.
Your self-assessment tax return must be filed annually, with the deadline typically falling on 31st January after the end of the tax year. The tax year runs from 6th April to 5th April of the following year.
5 Key Benefits of Filing UK Tax Return Online
Filing tax return UK online through Taxd enhances speed, efficiency, responsiveness, and security for taxpayers.
1. Faster and Efficient
Filing UK tax return online is much faster than filing a paper return. The online system is much more user-friendly. While filing an online return, you don’t need to complete it all in one go; you can prepare it step by step and revise it multiple times. Once submitted, the processing time is faster than a paper return, ensuring that any refunds owed to you are processed quickly.
2. Accuracy and less chances of error
The online system helps reduce errors by performing automatic calculations. For instance, it will give a warning while filing UK tax return online for any inconsistencies in your entries, ensuring that you don’t overlook important details. This feature minimises the risk of submitting incorrect information, which could lead to delays or penalties.
3. Enhanced Security
The online system uses advanced encryption and security protocols to protect your personal and confidential data. Filing online ensures that your data is securely transmitted and stored, reducing the risk of being lost or misused.
4. Access to Previous Returns
The online system enables you to access and download your previous year’s tax returns and SA302 forms at any time. This makes it more convenient to reference past information or retrieve documents for other purposes, such as applying for a loan or mortgage, which often requires an SA302 as supporting evidence.
Bottomline
Filing tax return UK online provides a range of benefits. It makes the process faster, more accurate, and very convenient for the taxpayer. Online filing is a very smart choice for individuals who manage taxes online rather than offline or paper returns.
By filing UK tax return online with the help of Taxd, you can save time, reduce the stress of tax-paying, and ensure that your tax return is handled efficiently and securely, which reduces the risk of data being lost.
FAQs
1. Who needs to file a UK tax return?
You need to file UK tax return if you're self-employed, have income from property, receive foreign income, or if your income exceeds a certain threshold. Other reasons include being a company director, having an untaxed income, or needing to claim tax relief.
2. When is the deadline for filing UK tax return online?
The deadline for filing UK tax return online is January 31st, following the end of the tax year. For instance, for the tax year ending April 5, 2024, the online filing deadline is January 31, 2025.
3. How do I register to file my UK tax return online?
If you're self-employed or need to file for other reasons, you can register online on the HMRC website. Once registered, you’ll receive a Unique Taxpayer Reference (UTR) and an activation code to set up your account.
4. What information do I need to file my tax return?
You’ll need your Unique Taxpayer Reference (UTR), National Insurance number, details of your income, expenses, and any tax reliefs you’re claiming. You'll also need P60, P45, or P11D forms if you're employed and details of any dividends, savings, or foreign income.
5. Can I save and return to my tax return later?
Yes, you can use Taxd to file online, where you can save your progress and return it later.