Deadline for tax returns approaching. Do you need to fill one in?
The deadline for tax return forms is 31st January. If those of you who are required to fill one in don’t then you could be faced with a £100 fine. and nobody wants that! So I thought I’d put together a guide to help you work out who should be filling these forms in and what it is exactly that they are.
What exactly is a tax return form?
A tax return form in which you report details of your taxable income and any capital gains if appropriate. You then claim tax allowances and tax reliefs. HM Revenue and Customs may issue a tax return to you each tax year.
If you are sent a tax returns form, you HAVE to fill it in by law. Failing to do so could result in a £100 fine. The tax year runs from 6th April to 5th April.
Who should complete a tax return form?
If any of these apply to you then you in the last tax year then you will need to fill in the form:
- you were self-employed – you can deduct allowable expenses
- you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments – contact the helpline if it was less than £2,500
- your savings or investment income was £10,000 or more before tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- you got dividends from shares and you’re a higher or additional rate taxpayer – but if you don’t need to send a return for any other reason,contact the helpline instead
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
Who doesn’t have to fill one in?
Most tax payers generally don’t have to fill in a tax return if HMRC thinks you are already paying the right amount of tax. If the PAYE system on your wages or salary is already correct then you won’t have to send a tax return.
How do I fill the form in?
You can fill the form in both manually or online. Whatever works best for you. If you didn’t fill a form in last year then you will need to register. You can do this here.
CLICK HERE for more tax return information on the Government’s website.