Tuesday, November 22, 2016

File Your Tax in UK

Tax Return UK

You may need to file your tax return online if you have missed the deadline of 31st October, 2016 for filing your paper return. You will be filing your tax return for the tax period 6th April 2016 to 5th April 2016.

Who needs to file Self Assessment:

If you are self employed
Employed persons whose income was over £100,000
Director of a Company
Partner in a partnership
Retired People who are on the registered pension scheme
If you got £2,500 or more untaxed income from renting out property or savings and investments-
Your savings or investment income was £10,000 or more before tax.
You made a profit on selling things like shares, a second home or other chargeable assets and need to pay Capital Gains tax.
If either 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
You were a trustee of a trust
Other people for example religious ministers or Lloyd’s underwriters
If the HMRC sends you a letter telling you to send a return then you must send your tax return.

To file your tax return you need to obtain your 10 digit UTR (Unique Taxpayer Reference). You can first register online to obtain your UTR. This can take up to 10 days.

You can start by keeping your paper work in order so that you can get a few weeks before the deadline date. The penalty for filing late is £100 and can cost more. If you are confused about what information to add and how to fill in the details and the forms required follow our blogs for more information. You can also consider getting professional help.