The annual panic-the tax return!

It seems as though tax has been with us since the beginning of time. In fact income tax was first introduced by William Pitt the Younger (originally as a temporary tax to fund the Napoleonic Wars) in 1798. It was then abolished a year after the Battle of Waterloo in 1816 and reintroduced in 1842 by Sir Robert Peel's Conservative government. Capital gains tax was introduced by Harold Wilson's Labour government in 1965. So ends the history class.

The arrival of these taxes meant that many people had to account to the Inland Revenue for their income and gains through the annual submission of the dreaded form - the tax return!

Now approximately 9 million people are required to submit a return. With the introduction of Self Assessment 1996 the returns are continuing to increase in size and complexity each year.

The simple advice to completing your tax return is to do it as soon after 5th April as is practical. The longer you leave it, the more likely you are to forget something. If you file it before 30th September then the Inland Revenue will calculate your tax for you.

If you would like help in the completion of your annual tax return and calculation of your tax liability or refund then please contact us.