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Tax filing UK | TAX RETURN UK | TAX SERVICES UK
What is a tax return?
A tax return is a form (paper or online) on which you:
- Report details of your taxable income, and any capital gains if appropriate
- Claim tax allowances and tax reliefs.
In UK HM Revenue and Customs (HMRC) may issue a tax return to you each tax year. The tax year in UK runs from 6 April one year to 5 April the next. If you receive a tax return, the law says you must fill it in. HMRC uses the information on your tax return to work out your tax bill or work out whether you are due a tax refund.
Self-Assessment tax returns in UK
Self-Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. If you need to send one, you fill it in after the end of the tax year (5 April) it applies to.
Who must send a tax return
You’ll need to send a tax return if, in the last tax year:
- You were self-employed - you can deduct allowable expenses
- You got £2,500 or more in untaxed income, for example from renting out a property or savings and investments - contact the helpline if it was less than £2,500
- 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 organisation (such as a charity) 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 lived 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 helpline 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.
Send your tax return by the deadline (31 January if you file online). If you didn’t send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first.
Filling in your return
You need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
Paying your bill
HMRC will calculate what you owe based on what you report. Pay your Self Assessment bill by 31 January .How much tax you pay will depend on the Income Tax band you’re in. There’s a different rate for Capital Gains Tax if you need to pay it, for example you sell shares or a second home.
If you’ve been told to send a return
If you get an email or letter from HM Revenue and Customs (HMRC) telling you to send a return, you must send it - even if you don’t have any tax to pay.
If you used to send a tax return but don’t need to send one for the last tax year, you can contact HMRC to close your Self Assessment account.
You must also tell HMRC if you’ve stopped being self-employed.
Claiming tax relief
Fill in a tax return to claim money back from HMRC for:
- donations to charity
- private pension contributions as a higher or additional rate taxpayer, or if your scheme isn’t set up for automatic tax relief
- work expenses over £2,500 - if they’re less and you don’t need to send a return for any other reason, contact the helpline instead
Registering for Self Assessment
You need to register if you didn’t send a tax return last year. How you do this depends on whether:
- you’re self-employed
- you need to send a return for another reason
If you’re new to Self Assessment, you’ll need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
Sending a return
Once you’ve registered, you can send your tax return using HM Revenue and Customs’ (HMRC) free Self Assessment online service.
Company Tax Returns in UK
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC).
You must still send a return if you make a loss or have no Corporation Tax to pay.
You don’t send a Company Tax Return if you’re self-employed as a sole trader or in a partnership - but you must send a Self Assessment return.
What it involves
When you file your tax return, you work out your:
- profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts)
- Corporation Tax bill
If you have a limited company, you may be able to file your accounts with Companies House at the same time as your tax return.
The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.
There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.
Penalties for late filing
You’ll have to pay penalties if you don’t file your Company Tax Return by the deadline.
If your tax return is more than 6 months late
If your tax return is 6 months late is 6 months late, HMRC will write telling you how much Corporation Tax they think you must pay. This is called a ‘tax determination’. You can’t appeal against it. You must pay the Corporation Tax due and file your tax return. HMRC will recalculate the interest and penalties you need to pay.
If you have a reasonable excuse, you can appeal against a late filing penalty by writing to your company’s Corporation Tax office. Check recent tax forms or letters from HMRC for your Corporation Tax office address or call the Corporation Tax helpline
You must usually make any changes (‘amendments’) within 12 months of the filing deadline. You can either:
- log in to HM Revenue and Customs’ (HMRC’s) online services to amend your Company Tax Return
- write to your company’s Corporation Tax office
Check recent tax forms or letters from HMRC for the Corporation Tax office address or call the helpline. HMRC may charge you a penalty for errors. HMRC can make a compliance check to check for errors in your Company Tax Return.
TAX RETURN UK,TAX SERVICES UK
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