Most people have very simple financial affairs and will pay tax on an ongoing basis through a scheme called PAYE. This ensures that your employer / agency/ payroll company deduct the tax you owe from your wages, before you receive them.
However if you are not on a PAYE scheme you may be required to complete what is called a Self Assessment Tax Return Form. On this form you declare all your earnings so that the UK's Inland Revenue department can determine if you owe tax or not.
The deadline for filling in your tax return form is normally the end of January. The system works a year behind, so at present you will be assessing if you need to pay tax on earnings made between April 2008 - April 2009.
NB - The onus is on the individual to determine if they should be completing a tax return form or not. Failure to send off a form on time could result in a £100 fine and interest payments on any money that you owe.
If you fit any of the following criteria you may need to complete a self assessment tax return form.
- You earned £40,835 or more in the previous financial year
- You have been or are a director of a company
- You have earned income from a rental property
- HMRC has sent a Tax Return to for completion
- You have annual income from savings or investments of £10,000 or more (before tax)
- You have received any untaxed income or have made any chargeable capital gains over the annual exemption of £9,600
- You have any taxable foreign income
- You want to claim tax for expenses or professional subscriptions of £2,500 or more
How do you complete a self assessment tax return form?
You can download one from the Inland Revenue site. However if you prefer to have help or need advice, FastrackUK and our partners offer a full tax return service.
How our tax return service works
- You submits details online by clicking here
- Payments are taken by cheque, BACS or credit card
- Your tax advisor collects and assesses your information and will liaise with you via email and phone
- Alternatively you can arrange to book an appointment with your tax advisor if you require it
- Your return is submitted
How much does it cost?
Tax returns prices start at £120 plus VAT.
Get help with your tax today
If you would like assistance with your tax return please call us on 0208 547 4160 or click here to register and our tax partners will assist you.