End Of The Tax Year Season Brings Changes

How to plan for a successful tax season

13:33 26 March 2013

If you own a business you should plan throughout the year for tax season. You will need to make sure that you have put money aside in a separate account for your payments that are due for NIC and PAYE. This is even more important if you have a lot of employees since there will be more payments to make and plan for during the tax season.

 

As an individual you should also plan ahead, because you never know if you will owe the government money at the end of the year. If you are one of the lucky people who actually get a refund then you should know that changes will happen this year for tax season.

 

These changes are for the better; the rates of child care you can get reimbursed for are going up slightly, and so are the rates for the working credit and child care credit in other areas. 

 

You should also plan ahead more so if you have had any important changes happen in your life to make your tax situation change recently. This can include purchasing, selling, or letting out a house for extra income.

 

• If you have had a new baby, if you have become self-employed, unemployed, or you changed the tax codes for any other reason you will also want to notify HMRC. 

 

• If you have made changes in any of these areas you should look up at the HM Revenue website to see if your tax code has changed and plan accordingly. The tax codes can mean that you will either pay more or maybe even pay less, depending on your situation.

 

What you must realize though, is that there are requirements with each of these credits in order to qualify to receive them.