The tax return deadline is quickly approaching and we are getting a number of people asking if they need to do a tax return. This article will help to show if you need to complete a tax return:
- Who needs to do a tax return?
- How do I do my tax return
- When do I need to complete my tax return by?
- What happens if I do not complete my tax reuturn?
- Self employed
- You Live or working abroad
- You are a company director
- You had income from savings/investments of over £10,000 within the tax year
- You had income from property rental of £2,500 or more within the tax year.
- Your income was over £100,000 in the tax year.
- You need to pay capital gains tax
- You need to claim expenses or reliefs
How do I do my tax return?
The onus is on you to complete a tax return if your circumstances require it. You can complete a tax return yourself if you know how or if you prefer, a qualified accountant can do it for £99.
When do I need to complete my tax return by?
The deadline to complete a paper tax return is 31st October. If you want to complete your tax return online then the deadline is 31st January. You will need to register to complete your tax return online and you have to obtain a special ID and password. If you use a tax accountant they will already be registered and this will likely be quicker.
What happens if I do not complete a tax return?
You are likely to be fined heavily, as much as double the amount due as well as interest. The Inland Revenue can take you to court to claim any unpaid tax due, so it is highly advisable to do a tax return if you need to.
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.