The tax season is fast approaching. This article offers some tips and advice on completing your self assessment tax return this year. If you can not see the answer you are looking for, please do not hesitate to leave a comment below.
- Who needs to complete a self assessment tax return?
- How can I complete my self assessment tax return?
- What is the deadline for completing a tax return?
- What is the penalty for not completing a tax return on time?
- Being self employed
- Living or working abroad
- Company directors
- A minister of religion (of any faith)
- Income from savings and investments over £10,000
- Income from renting property of £2,500 or more
- income from the estate of a deceased person
- Overseas Income
- Annual income exceeds £100,000 or more
- If you have capital gains tax to pay
- If you need to claim expenses or relief’s
How can I complete my self assessment tax return?
It is possible to complete a tax return yourself if you know how. Alternatively you can use a tax return specialists who will complete the return for you on your behalf. Click on the link if you would like help completing your self assessment tax return online
What is the deadline for completing a tax return?
The deadline for paper based tax returns is 31 October. If you would like to do your tax return online, this can be done until the 31st January. We recommend that you get the balling rolling as soon as possible to avoid any delays in gathering information.
What is the penalty for not completing a tax return on time?
If the Inland Revenue does not receive your tax return by the above deadline you will automatically receive £100 penalty. If also pay your tax late you will charge interest from the date the tax was due until your payment was received.
Disclaimer: The above information can not be taken as advice and is for illustration purposes only. Please call Tax Fix before making any claims or confirmation. Tax Fix can not accept any liability for action taken and any losses incurred.