A post-Christmas treat: file your tax return

Don't leave the chore of filing your tax return to the last minute, says Tim Bennett. Do it online now, and save yourself a panic-ridden January.

Christmas shopping may be the main thing on your to-do list right now. But unless you relish the prospect of spending January in a panic, chasing up paperwork, there's something less exciting you need to pay attention to filing your self-assessment tax return.

First the good news not all of us need bother. If you need to submit a tax return, then HM Revenue & Customs (HMRC) should have notified you by post back in April, and told you how to go about filing a return. You are likely to have to fill in a return if you tick one or more of these boxes: you earn £100,000 or more a year; you are self employed; you have income from property or investments; you are seeking tax relief on large work-related expenses; or you receive child benefit and your income exceeds £50,000 (this last is a new addition for a full list, see here).

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Tim graduated with a history degree from Cambridge University in 1989 and, after a year of travelling, joined the financial services firm Ernst and Young in 1990, qualifying as a chartered accountant in 1994.

He then moved into financial markets training, designing and running a variety of courses at graduate level and beyond for a range of organisations including the Securities and Investment Institute and UBS. He joined MoneyWeek in 2007.