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.
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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.
Tax Returns Employed Persons
If you are employed you must file tax return if any one of below conditions apply.
- Anyone who was self employed at any point between those two dates and earning mere than £100K
- Anyone who earned more than £2.500 in un taxed income
- Anyone who rented out a property
- Anyone earning more than £10,000 from investments or savings
- Anyone whose income from share dividends was over £10,000
- Anyone who made a profit from selling a second home, share or other chargeable assets
- Anyone who was a company director
- Anyone who had an income of over £50,000 and claimed child benefit
- Anyone who has income from overseas
- Anyone who lived overseas but had an income in the UK
- Anyone who was a trustee of a registered pension scheme
- Anyone with a state pension over their personal allowance total
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Self Assessment Tax
Frequently Asked Questions
Most frequent questions and answers
Yes you can. Most of our clients who are small bsuiness , we setup an automated software for them to do their book keeping. We only need the records at the end of each period for compliance.
It would take only 10-15 minuites to populate a spread sheet each day to enter data of your daily expenses. You can also take picture of reciepts and save it in a secured drive. Or you can use a software like Reciept bank.
Our charges are depend on amount of time we will spend on yor book keeping. Most of the time and because of availability of online and IT tools we advice clients to scan their record to save time and money.
We will not advice to do your book keeping on annual basis. There are many reasons and the major reason is you will find it hard to analyse and store records for the whole year if left to the end of the year.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.