The benefit of doing your tax returns
Feb 14th, 2007 by complex001
I have read not long ago that the government benefits by £4 billion every year because employed people ignore doing the annual self-assessment and claim back some of the tax they pay during the year. The tax return can be done in one of the three following ways:
1- Doing it yourself by regularly completing the on line Her Majesty Revenue and Customs (HMRC) self-assessment form. This is the easiest and cheapest way However, you should ask for advice before doing it to make sure that you can do it accurately.
2- Consult an accountant. This is the most efficient way as the accountant is a professional and will be able to claim any tax that you have paid during the year. This is also the most expensive way as accountants normally charge fees for these services.
3- Talk to your Independent Financial Adviser. This is a very cost-effective way to do your tax return as IFAs do not usually charge for this service and they can help with most basic tax returns. For more complicated cases they normally recommend an accountant.