Tax Return
Not all tax payers are required to fill in a tax return. A tax return is not normally issued to employed taxpayers as your tax is normally paid through PAYE.
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A tax return is routinely issued to taxpayers whom HMRC (formerly the Inland Revenue) believes have:
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There are two main types of tax return. If you have simple tax affairs including, employees, pensioners and the self employed with turnover less than £64,000 (and expenses less than £30,000), you'll receive the shorter tax return.
If your affairs are more complicated you'll receive a full tax return. This tax return has more pages plus supplementary sections and you may need to complete extra pages, depending on what sort of income you receive.
The main tax return form asks for details of income from savings, investments and pensions. It also enables you to claim tax deductions, which reduce the amount of tax you pay, such as pension contributions and certain personal allowances.
The deadline for submitting a self assessment tax return is 31st January 2009. Failure to fill in your self assessment tax return will result in a fine of £100 plus interest on any tax paid late.
Your TaxAssist Accountant can help you with all aspects of your tax return, whether it be a personal self assessment tax return or a small business tax return.
Call us now regarding your tax return on 0800 0523 555 or fill out our contact form and we will call you back.
