Check Your P60
Your employer should have sent you a P60 certificate for 2018/19 by now.

This shows your income from that employer in the tax year to 5 April 2019 and the total amount of tax deducted. If you also received taxable benefits in that year, such as a company car, you should receive a form P11D detailing the value of those benefits.

You will need both of those documents to complete your tax return for 2018/19, which must be submitted online by 31 January 2020, or by 31 October 2019 if you send in a paper tax return.

Don’t just blindly copy the figures from the P60 and P11D on to your tax return, think about what they represent. If your employer makes a mistake when completing the P60, and you reflect that mistake on your tax return, you are responsible for that error.

An incorrect tax return can attract penalties of up to 30% of the underpaid tax, or 70% of the tax for a deliberate error. A tax tribunal recently upheld penalties where a taxpayer didn’t check the P60 figure and as a result understated his salary by 45%. He also failed to declare his taxable benefits.

We can complete your tax return for you, to avoid such drama - just call u son 01462 791079
 

Get in touch - If you'd like to find out more about how we can help you and your business pay less tax, generate more profits and create long-term wealth for you and your family, please get in touch now