As we are getting closer to 31st January, we will start to worry about our Self Assessment tax return.We will need to file tax return if we are self employed last year or director of the company or have dividend or income from abroad.Details are available on the HMRC website about who is eligible to file self assessment tax return.
If you have a question relating to your tax return, you can contact HMRC via Phone, web chat or post.
However, to complete self assessment tax return you need to know:
i) Your income from all sources like income from employment, self employed income, interest income, rental income or any other type of income
ii) Employment expenses or self employed expenses
iii) Capital Gains
iv) Property investor expenses etc.
If return is outstanding after the due date, following are the types of penalty;
i) Late filing fixed penalty
ii) Daily penalties
iii) Late filing tax geared penalty
If your tax return is complicated, it is better to get advice from an accountant to file your tax return.It will not only save your time but also advice you to claim all the relevant expenses so that you would not end up paying extra tax.
If you need advice, please email me : Info@pyramidpointlimited.co.uk