tax return

How to Complete an Income Tax Self-Assessment

How to Complete an Income Tax Self-Assessment

Completing a self-assessment can be a daunting prospect for many, especially if you lack a natural aptitude for numbers. Unfortunately, for the majority of people working in business, it is a prospect you are likely to face. However, provided you keep comprehensive and relevant records, and meet your deadlines, it doesn’t have to be something to fear. This guide will help you both recognise your obligations as a small business as well as teach you how to keep detailed records to ensure you submit your return without any problems. Am I affected by self-assessment? You are responsible for performing your own self-assessment if: You are a sole trader You are in partnership You are a company director who receives benefits or remunerations You are a higher rate tax payer with a higher-rate taxa... »

Record Numbers File Tax Returns Online

Record Numbers File Tax Returns Online

A record 5.8 million business owners filed their self-assessment tax returns online this year – a 51 per cent rise on 2008, according to HM Revenue & Customs (HMRC). This figure means that two-thirds of all self-assessment tax returns were filed online this year. "More and more people are recognising the benefits of filing their tax return online," said financial secretary to HM Treasury, Stephen Timms. "Online returns make it easier and quicker to calculate how much tax you owe and you can pay online too." Changes to the self-assessment filing process in 2008 gave taxpayers a choice of two deadlines, 31 October for paper tax returns and 31 January for online tax returns. In addition, any tax owed for the 2007-08 tax year had to be paid by 31 January. Usually,... »

Ready for the Online Self Assessment deadline?

If you need to complete a Tax Return for the tax year ended 5 April 2008 and haven’t started thinking about it yet, now is probably a good time. The deadline for completing your online Self Assessment (SA) Tax Return is 31 January 2009. But if this is the first year that you have done your Tax Return online, you need to register for HM Revenue & Custom’s (HMRC) Online Services and allow about 7 days to receive your Activation PIN by post before you can get started. As the 31 October deadline for completing a Tax Return on paper has already passed you should now complete it online. If you do not submit your Tax Return online by 31 January 2009 you may get a penalty. But the good news is, doing it online means you can do it whenever is convenient for you – in 2007 over ... »