FAQ’s
A tax return is the name given to the form used by an individual to record
- all the money they receive which is taxable.
- The amount of tax they have already paid.
- Any claims for tax allowances or tax reliefs.
The return forms part of HMRC’s self assessment system and will be used to calculate any tax that is owed or due to be refunded to the individual.
If you haven’t been asked by HMRC but you know you’ve received some income that hasn’t had any tax deducted, then you’ll need to consider registering with HMRC to complete a tax return.
Generally speaking, if you are self-employed or are a landlord you must submit a tax return as you will be in receipt of untaxed income.
Most working people don’t have to complete a tax return because they are employees and have income tax deducted via their employer’s PAYE (Pay As You Earn) scheme. But even if you are employed, you’ll still need to consider if you have any untaxed income such as savings interest, renting property or dividends. And don’t forget to consider Child Benefit.
You will need to register online with HMRC. There are a number of options on how to register depending on the reason why you want to register and whether or not you have been previously registered.
Once registered you will receive your own 10 digit unique tax reference; often referred to as your UTR.
The deadlines are the same every year (although that doesn’t stop most people from pushing them to the limit every year):
- 5 October is the deadline to register for a tax return for the first time (if you’ve received untaxed income in the previous tax year)
- 31 October is the deadline for submitting a paper tax return, but you’ll enjoy a far more generous deadline of 31 January if you submit online
Put simply, you’ll pay for it. Whatever you do don’t ignore filing a tax return as your wallet will be severely lighter for not doing so.
Submit your tax return just one day late and it will cost you £100. If after 3 months your tax return is still outstanding the penalties start to add up at £10 per day up to a maximum of £900. So, after nearly six months the penalties could be as high as £1,000.
Whether you are setting aside time to get this annual chore done yourself or getting your accountant to do it on your behalf you will still need to get organised and make sure you have the following information.
- Your 10 digit unique tax reference (“UTR’)
- Your National Insurance Number
- A P60 (End of Year Certificate) and if appropriate a P11d (Expenses and Benefits) supplied by your employer.
After you’ve completed your tax return you’ll be informed of how much tax you’ll need to pay by the 31st January deadline. If you’re lucky enough to be due a tax refund you should get this into your bank account in a matter of days.
If you haven’t been asked by HMRC but you know you’ve received some income that hasn’t had any tax deducted, then you’ll need to consider registering with HMRC to complete a tax return.
Generally speaking, if you are self-employed or are a landlord you must submit a tax return as you will be in receipt of untaxed income.
Most working people don’t have to complete a tax return because they are employees and have income tax deducted via their employer’s PAYE (Pay As You Earn) scheme. But even if you are employed, you’ll still need to consider if you have any untaxed income such as savings interest, renting property or dividends. And don’t forget to consider Child Benefit.
You will need to register online with HMRC. There are a number of options on how to register depending on the reason why you want to register and whether or not you have been previously registered.
Once registered you will receive your own 10 digit unique tax reference; often referred to as your UTR.
A tax return is the name given to the form used by an individual to record
- all the money they receive which is taxable.
- The amount of tax they have already paid.
- Any claims for tax allowances or tax reliefs.
The return forms part of HMRC’s self assessment system and will be used to calculate any tax that is owed or due to be refunded to the individual.
The deadlines are the same every year (although that doesn’t stop most people from pushing them to the limit every year):
- 5 October is the deadline to register for a tax return for the first time (if you’ve received untaxed income in the previous tax year)
- 31 October is the deadline for submitting a paper tax return, but you’ll enjoy a far more generous deadline of 31 January if you submit online
Put simply, you’ll pay for it. Whatever you do don’t ignore filing a tax return as your wallet will be severely lighter for not doing so.
Submit your tax return just one day late and it will cost you £100. If after 3 months your tax return is still outstanding the penalties start to add up at £10 per day up to a maximum of £900. So, after nearly six months the penalties could be as high as £1,000.
Whether you are setting aside time to get this annual chore done yourself or getting your accountant to do it on your behalf you will still need to get organised and make sure you have the following information.
- Your 10 digit unique tax reference (“UTR’)
- Your National Insurance Number
- A P60 (End of Year Certificate) and if appropriate a P11d (Expenses and Benefits) supplied by your employer.
After you’ve completed your tax return you’ll be informed of how much tax you’ll need to pay by the 31st January deadline. If you’re lucky enough to be due a tax refund you should get this into your bank account in a matter of days.
