Think you don’t need to file a tax return for 2018/19? Perhaps it’s time to double check.
Around 750,000 taxpayers miss the Jan 31 deadline each year, often simply because they are unaware they need to file a return. It’s a common misconception that filing always leads to paying extra tax – sometimes it can trigger tax reliefs and refunds.
Have you claimed for your pension contributions?
Tax relief is available on pension contributions at your highest rate of income tax. Higher or additional rate taxpayers can claim an additional 20pc and 25pc tax relief respectively if they are not in a net-pay or salary-sacrifice pension arrangement through their employer but instead make direct pension contributions.
Investments into venture capital schemes
Venture capital schemes, for example the Enterprise Investment Scheme, Seed Enterprise Investment Scheme and venture capital trusts, offer valuable income tax and capital gains tax relief to encourage you to invest. If you have made eligible investments into these schemes you should claim income tax relief on your tax return for the year in which the shares are issued to you.
In some circumstances, you can also elect to carry the contributions back to the previous tax year, which can be beneficial in tax terms. Independent financial advice should be sought if this is relevant to you.