Tax is the primary source of any government to fund administrative expenditure and development of the country. Taxes could be direct or indirect. Self-Assessment Tax Return of HM Revenue and Customs (HMRC) is a form of direct taxation that collects income tax from qualifying individuals. Usually, a self-assessment accountant near London or tax return accountant in London assists individuals in sending the return.
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HM Revenue and Customs (HMRC) formulated the process of collecting income tax as a Self-Assessment Tax Return. Though tax is normally deducted at source from savings, wages, and pensions, however, other incomes should also be reported by an individual or a business.
The tax return needs to be sent to HMRC if, in the last financial year (6 April to 5 April), you were:
1. Self-employed as an individual trader and income were more than £1,000. This amount is after any tax reliefs claimed and deducted from the income
2. A partner in a commercial entity
3. The director of a limited company
You may not need to send a return if the source of income is only as salaries or pension. However, you might need to send a return if there are any untaxed incomes which could be:
1. Income from property rentals
2. Commissions, donations, or tips received from another party
3. Interest income from savings & investments
4. Income as dividends from shareholdings
5. Income from a foreign source
6. Income from selling property or possessions
Your accountant for tax return should be able to help you out from here. However, the followings are the important dates for a tax return:
1. The previous tax year commenced on 6 April 2019 and concluded on 5 April 2020.
2. 5 October 2020 was the last date to register Self Assessment
3. 31 October 2020 midnight was the last date for paper tax return filing
4. 31 January 2021 midnight was the final day for online tax return submission
5. 31 January 2021 midnight was the last date to make payments towards taxes that you owe to HMRC
It is wise to submit a tax return for the following reasons: 1. Claim tax relief on certain incomes 2. Claim tax-free maternity grant or childcare by verifying self-employment
Though the personal tax advisor would be able to inform the deadlines, however, submitting a return on your own could prove to be challenging. Hence, for a swift and error-free return submission, you may choose the right self-assessment accountant from GoRings. The firm will make sure that you do not miss any last dates. You also stay aware of how much you need to pay as tax while working with them.
Tax return filing has been made online by HMRC. Postal service is also available. Both of these modes are free when submitting return through own audits and calculations. But, in some cases, individuals may get charges as fines if there are wrong tax calculations. Hence, getting a professional from GoRings could prove profitable in the long run.
You may simply get the filing done and properly formatted by expert accountant for self assessment from GoRings. Then you can submit the return online or post it for free.