Guide To The Self Assessment Tax Return 2010


How complicated are your tax affairs?

If you are an employee and pay your tax via the PAYE system, you may not need to complete a tax return.  However, if you are self employed, a company director or if you have income from property, pensions or investments, you may have to ‘self assess’.

Filling in your tax return need not be a daunting process.  Before you start, learn all about your self assessment tax return 2010 in our handy guide.

Do you need to complete a self assessment tax return?

Not everyone needs to file a tax return.  The most common reasons that you would have to fill in a self assessment tax return in 2010 are:

  • You are self employed
  • You have earnings from overseas that are liable to UK tax
  • You have Capital Gains Tax to pay
  • You are a company director
  • You receive income of over £10,000 from property or savings/investments

Choose how to submit your return

If you do have to complete a self assessment tax return, you have two choices of how to do this.  You can either complete a paper based tax return or you can submit your self assessment tax return online.  To submit your return electronically, you simply have to register online using the HMRC website.

If you choose to submit your tax return online you will get an extra three months in which to file your return.  Your tax will be calculated automatically and you will also receive an acknowledgement that HMRC have received the return.

Filling in your return

The self assessment tax return 2010 has two main elements to it:

  • Core pages that everyone should complete
  • Supplementary/additional pages

You should complete all the supplementary pages that are applicable to your particular circumstances.  These pages include income from property, income from savings and investments, capital gains and pension income.

Whether you complete a paper based self assessment or you submit your tax return online, you have to ensure that you have completed all the appropriate pages.  If it is a paper based return, don’t forget to sign and date the form.

Meet the deadline

The deadline for self assessment tax returns is:

  • Paper based returns – 31st October (or 3 months from the date of the notice you receive to file the return) whichever is the later
  • Online returns – 31st January (or 3 months from the date of the notice you receive to file the return) whichever is the later

There is an automatic penalty of £100 if you miss the deadline.


4 comments

  1. Gary Sharrock says:

    If we purchased a van for work can we claim it through tax

  2. Pete says:

    Hi Can you tell me if I started trading as a Motor deal in May 10, when should I be doing my tax return? Thanks

    • TaxFix says:

      Pete: Any income between April 6th 2010 and April 5th 2011 should be declared in your tax return no later than 31st January 2012.

  3. b sweatmore says:

    I am retired on state plus occupational pension.
    Last year ,after considerable legal expense to resolve an inheritance issue with my brother I received half the proceeds of my parents property gifted to me in 1997. We sold the property and received £180,000 each in May 2010. I invested half of this ,whilst paying off loans to cover the litigation involved. The rest for personal expenditure.

    Can you advise how to account for this in the online tax returns and where tax liability rests in this situation, please?

    Brian Sweatmore

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