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you need to complete a self assessment tax return? |
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?
Who
needs to do a tax return?
If any of the following criteria apply to you, you will probably
need to complete a tax return.
- 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 relief's
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.
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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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