QUESTION: I usually file my tax return online in January each year but was thinking of filing it early. Can I complete a paper version and send it to HMRC?
ANSWER: With the October 31 deadline for filing personal tax returns on paper fast approaching, many UK taxpayers are gearing up to submit their returns to HM Revenue and Customs (HMRC). While online filing has become increasingly popular for its speed and convenience, a significant number of people still opt for the traditional method of filing on paper.
Filing a paper tax return remains a valid option in the UK, but it requires a methodical approach to avoid errors and penalties. Taxpayers choosing this route must first request the appropriate forms from HMRC, usually available from April each year. Once received, they need to fill out these forms carefully, detailing their income, expenses, deductions, and any other relevant financial information.
For business owners, it’s essential to retain these records for at least five years, while non-business taxpayers........