With the start of another year it can only mean one thing….the online tax return season is coming soon. This short article offers some tips on filling out your tax return this year. Remember if you do not complete your tax return by the end of this month, you will be due a £100 fine. If you can’t find the answer you would like, leave a comment below.
Do I need to complete a self assessment tax return in 2011?
There can be a variety of factors why HMRC may need a person to complete a tax return. Some reasons include:
+ Becoming self-employed in the 2009/2010 tax year.
+ Residing or being employed overseas
+ Company owner
+ A minister of religion (of any faith)
+ Earnings coming from savings and assets over £10,000
+ Earnings through renting real estate of £2,500 or higher
+ Earnings due to the estate of a deceased individual
+ Offshore Earnings
+ Yearly earnings exceeding £100,000 or higher
+ For those who have Capital Gains Tax (CGT) to be charged for
+ If you wish to claim expenses/expenditures or relief’s
How do I complete my tax return?
If you know how, it is quite possible to complete a tax return on your own. Alternatively, if you prefer, you can easily use a tax return advisor who’ll carry out the return on your behalf.The advantage of having someone to complete your tax return for you is that they will take all the stress of having to deal with HMRC and ensure that you have the documents that you need to submit all the required documents. Click the link if you would like to learn more about having someone assist completing your 2011 self assessment tax return.
When is the deadline for doing a tax return?
The due date just for paper based tax returns is 31 October. If you want to complete your tax return online, you will be given an extra 3 months and the deadline will be extended until the 31st January. It is recommended that you do not wait until the last minute to complete your tax return as there maybe delays in collecting information and facts about your income, expenses and assets.
Is there a penalty for not submitting a tax return in time?
If HMRC does not receive your tax return by midnight on 31st January, you’ll instantly be given a £100 fine. In the event that you also pay your tax late you can expect to be charged interest from the date the tax bill was due right up until your tax payment had been received.
Where can I get a Self Assessment Tax Return Form?
If you are using a tax accountant to complete your tax return, they will provide you with all the forms that you need. Paper based tax returns which should have been completed before 31st October can be downloaded here.
What is the difference between a Short Tax Return Form and a Regular One?
Depending on the complexity of your tax affairs you may be eligible to complete a short tax return form instead of a full one.
Disclaimer: The above mentioned information can’t be used as help and advice and it is for illustration reasons only. Please phone Tax Fix before making any claims or confirmation. Tax Fix can not accept any liability for action taken and any losses incurred.