The tax year runs from 6th April to 5th April in the next year and it’s important for employed people to send a self-assessment tax return if they meet the essential criteria.
WHO NEEDS TO FILE SELF ASSESSMENT TAX RETURN
Some people receive a letter from HMRC asking them to submit a return however they may not be required to. HMRC must therefore be informed by post, phone or online. Without informing HMRC a penalty may be charged. If you complete your self-assessment tax return you can claim money from HMRC for any donations you made to charities, any private pension contributions and any work expenses over £2500. You must register for self-assessment if you did not submit a tax return in the previous tax year. However there are different ways in which you register depending on your status. Here at The Accountancy Solutions we can ensure that your self-assessment tax return is completed correctly and that your submission is made in a timely manner so that you will not face a penalty.