TAX RETURNS IN UK
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
The most common reasons that a tax return may be required are as follows:
- You are self employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You've lived or worked abroad or aren't domiciled in the UK
- The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.
At TaxAssist Accountants we use HM Revenue & Customs-approved software to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
In the United Kingdom, a tax return is a document that must be filed with the HM Revenue & Customs declaring liability for taxation. Different bodies must file different returns with respect to various forms of taxation. HM Revenue and Customs (HMRC) may issue a tax return to you each tax year. If you receive a tax return, the law says you must fill it in. HMRC uses the information on your tax return to work out your tax bill or work out whether you are due a tax refund.