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Self Assessment Tax Returns: FAQ


Q. Who needs to fill in a tax return?


The majority of UK taxpayers already pay tax through PAYE and hence do not need to complete a tax return. Tax returns are designed specifically for a number of people including:

  • The Self-Employed
  • Company Directors
  • Lloyd’s names
  • Ministers of Religions
  • Those who have pre-tax investment of £10,000 or more
  • Those who are 65 and receive a reduced age-related allowance

Q. What type of information do I need to complete a tax return?


Completing a self assessment tax return requires a considerable amount of information so it is advisable to gather all the relevant facts and figures before beginning. The type of information you will need includes everything from employment income, bank statements and wage slips to rental income, savings income and social security benefits.


Q. Are there benefits to filling in the tax return online?

There are some benefits to filling the tax return online. The most evident benefit is the deadline. Filling in a tax return online ensures the deadline is extended by 3 months to January 31st. Using an online form also allows you to correct any mistakes easily. Once you send your form online, you will get an instant receipt acknowledgement confirmation which confirms your form has been completed accurately.


Q. What type of information do I need to register for a tax return?


You should register the HMRC if you need to complete a Self Assessment Tax Return. Reasons for registering could be anything from starting your own business to having untaxed income from properties. The HMRC will then decide if you need a tax return and will send you a Unique Taxpayer Reference if required.
The information you require to register includes a national insurance number, contact details including contact details for the business and your Unique Taxpayer Reference number.

 

Q. What are the deadlines for sending the tax return?


If you have completed a paper tax return, it must reach the HRMC by midnight, October 31st. If you have completed an online form, it must get to HRMC by January 31st. Both of these dates are applicable to everyone except those who have received a letter telling them to send a tax return after July 31st (for paper returns) or after October 31st (for online returns). In this circumstance, you have three months from the date you receive the letter.


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