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| Do
you need to complete a self assessment tax return? |
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 Email
one of our tax experts:
- 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?
Who needs
to complete a self assessment tax return?
There are a number of reasons why the Inland Revenue might require
you to complete a self assessment tax return. These include:
- 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. If you would like one of our
team to contact you just apply
here.
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.
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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.
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