The HM Tax return deadline is fast approaching. If you fail to complete a tax return by the 31st January deadline you will be issued an automatic £100 fine, so get organised, sort out all your income and expenses for the previous tax year and make sure you have submitted by midnight on 31st January.
Do you know if you need to complete a tax return this year?
There is often confusion as to who needs to complete a tax return. Some people believe that because they are student or because they are under the age of 18 then they are exempt but this is not necessarily the case.
Most people who have a regular job will pay tax through their employers PAYE accounting system. If, however, you were self employed during the previous tax year, you will need to complete a tax return to let HM Revenue know how much you earned and allow them to calculate the tax due on this income.
There are a number of other reasons why you might need to complete an HM tax return, including: being a company owner, a minister of religion, having earnings from savings and investments of over £10,000, income from property of over £2,500, an income of over £100,000 as well as if you need to pay any capital gains tax, for example from the sale of property of investments.
If you have any questions about completing a tax return form this year please leave them in the comments box below.