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Submitting your self assessment tax return

9th Jan 2012
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With Christmas and the New Year out of the way, our thoughts turn to the first milestone of the year, submitting our self assessment returns.  When the original paper return forms arrived last April there seemed to be so much time to return the forms that it was easy to put them aside for a short while.  Now the deadline is a few weeks away and there is no time to loose.

So, who has to complete a self assessment tax return?  For a start, everyone who received a return form from HMRC last year will have to submit a return whether they think tax is due or not.  In addition, anyone who has fallen within the tax return sphere during the tax year ended 5 April 2010 will need to file a return for that year.  In general, self assessment returns are required from all those who are self employed, company directors, ministers, names at Lloyds, together with those whose income or capital gains have exceeded a certain level.  Guidance is available on the HMRC website at http://www.hmrc.gov.uk/sa/need-tax-return.htm.

If you have to complete a self assessment return then the first step is to compile all the necessary records.  This is much easier done as you go along through the year so if you haven’t already got a tax return file, start one now for future returns.  These records will include bank statements, records of investments and investment transactions, and employment records including payroll and expenses.  If you are self employed then you will also need your business accounts. 

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By MarionMorrison
11th Jan 2012 14:32

Eh?

Not sure what this is doing here.  On the one hand it's somewhat Janet-and-John ish for a website supposedly for professionals.  On the other hand it's wrong (directors are not obliged to do Returns) and wrongly dated (it's 2011 now people).  And on the third hand it seems like a thinly-veiled plug.

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By DesiKoleva123
24th Oct 2012 10:23

Self Assessment Tax Returns Online UK

 

Why go through all that trouble and concerns of filling in your own tax return when you can outsource it for as little as £100. Let our group of specialists deal with all your tax affairs, ranging from earnings, pensions, financial investment, leasings to employment benefits & expenses.

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