15 days to go! The countdown to Christmas has begun, and for Christmas we’re giving you help and advice you toward your upcoming tax return deadline.
Don’t spend your Christmas holidays stressed about your tax return deadline next month, contact us and let us do all the work.
Self-Assessment tax returns
A Self Assessment is a system HMRC use to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings.
The deadline for filing online is the 31st January 2017. In order to file your return you will need to keep records of your income and expenses.
The HMRC will calculate what you owe from your Self Assessment.
You are required to send a tax return if in the last year :
· You were self-employed
· You got £2,500 or more in untaxed income – for instance renting out a property, investments etc.
· Your savings or investment income was £10,000 or more before tax
· You made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital gains Tax
· You were a company director- unless it was for a non-profit organisations and you didn’t get any pay or benefits, like a company car.
· Your income (or your partner’s) was over £50,000 and one of you claimed child benefit
· You had income from abroad and had a UK income
· You got dividends from shares and you’re a higher or additional rate taxpayer- but if you don’t need to send a return for any other reason, contact the help line instead
· Your income was over £100,000
· You were a trustee of a trust or registered pension scheme
· You had a P800 from HMRC saying you didn’t pay enough tax last year- and you didn’t pay what you owe through your tax code or with a voluntary payment
If you are claiming tax relief or have been asked to file a return by the HMRC you must file a self assessment