Seven golden rules for filing your tax return this weekend

This weekend offers your last chance to submit your tax return (and pay your bill) for this year. Millions of people are expected to dig out shoeboxes of receipts and go into meltdown as they race to get everything done by the deadline at midnight on Sunday. If you're in this position, it doesn't have to be a crisis, as long as you follow some expert tips.

1. Check whether you need to complete one
It might not even be on your radar at the moment, but if you have ever completed a tax return before, log into your HMRC account and check whether there are any messages reminding you that you need to do one this year.

If you haven't signed up for online messages, you should have had a letter reminding you to file. Check your paperwork carefully, as something as simple as claiming child benefit and earning over £50,000 will trigger the need to file a return. Bear in mind that even if you don't owe any additional tax, your circumstances may still mean you need to submit a tax return.
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2. Start collecting documents today
If you don't have a rigorous filing system for things like bank statements and tax certificates, try to make time as early as possible to dig out all the paperwork you need. If you discover there are things missing, you will then still have time to pop to a branch that's open on a Saturday morning for replacements. If you wait to start after the bank has closed, you'll be left with a real headache if one or more pieces of paper have gone astray.

3. Set aside enough time
Unless you keep on top of your finances all year, you'll have to go through all your statements incredibly carefully, identifying any cash you have coming in from any source, any expenses, and understanding how to treat each one. Don't be tempted to cut corners to save time or you risk being penalised for submitting an incorrect tax return. If you haven't started before the weekend, don't try and achieve anything at all apart from your tax return by Sunday.

4. Follow the rules on income
Regardless of all the claims that tax isn't taxing, it can be really complicated. Emily Coltman FCA, Chief Accountant to FreeAgent says: "Make sure you follow all of the rules to the letter when completing your tax return." Check you understand how each piece of income and each expense is treated, and don't make any assumptions without checking the rules.

5. Take time over expenses
Make sure you are fully up to speed with rules on expenses. There's plenty of information on the HMRC website that lists what you can claim for and what you can't. Ed Molyneux, CEO and co-founder of FreeAgent, points out: "The range of business expenses that can be claimed is quite extensive. Everything from electricity and mileage, to more unusual expenses such as animals and Christmas parties may be allowable for tax relief. Being fully informed can reduce the risk of overpaying tax."

6. Check it twice
You need to check all the details - even something as simple as not ticking the confirmation box at the end could result in your tax return being rejected, and you being fined £100.

7. Submit it
Double-check that it has all been submitted and paid. HMRC needs to get everything by midnight on 31st January - and failing to click 'submit' that final time is not the kind of excuse that will get you out of a £100 fine.

If all else fails, it's worth keeping everything in perspective. If you miss the deadline, there's a £100 fine, but as long as you don't miss it by much, there shouldn't be any other costs. You won't automatically face an investigation or prosecution, and you will still be able to submit the return next week. Just don't leave it too long or the penalties and interest will start to mount.

Of course, the best advice of all is to give yourself more time next year. Ideally you should be preparing this a few months in advance. This will allow HMRC enough time to check it well before the deadline and write to you to confirm exactly what you owe. You also have the time to make sure you have the finances in place to pay your tax bill - especially given that you may have a balancing payment - plus your first payment on account (which will bring your payments up to date to October 2015).