Thursday, 26 November 2009

What I need to declare on my tax return

Many people don't realise that they need to declare all income on their personal tax returns even if tax has already been stopped.

The top three items people miss are:
  1. Interest on bank and savings accounts ( But not ISA accounts)
  2. Pensions received
  3. Salary from employment
Remember all income has to be declared on your tax return. You also add the tax alrerady paid.

Your then calculate the tax due on you total income, take off the tax already paid and this leaves you with the tax still to pay or in some cases refunded.

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