Here are a few friendly tips on what you need to know about tax returns before you do them this year. Image by: 401k “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. The main returns currently in use are: SA100 for individuals paying Income Tax SA800 for partnerships SA900 for trusts and estates of deceased persons CT600 for companies paying Corporation Tax P35 for PAYE deductions by employers and National Insurance contributions VAT100 for value added tax” Wikipedia the self-employed including someone in a partnership controlling company director, but not a director of a non-profit organisation or anyone not receiving any payments or benefits a minister of any religion a name or member of Lloyd's income from savings and investments of £10,000 or more income from untaxed savings and investments of £2,500 or more income from property of £10,000 or more before deducting allowable expenses or £2,500 or more after deducting allowable expenses employment income on PAYE above £100,000 anyone lived or worked abroad or aren't domiciled in the UK have Capital Gains Tax to pay anyone who owes tax and it can not be collected through the tax code. For instance when the taxable Basic State Pension is greater than the Personal allowance The standard form in use is the SA100, complete with additional sheets for particular sources of income. A short tax return, form SA200, is available for those with incomes below £30,000. HMRC selects those that can complete a SA200. The process must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return. Wikipedia Image by: vistavision There are different dates for sending back paper and online tax returns. These dates are called the filing dates. A paper tax return must be received by HMRC by 31 October following the end of the tax year. An online tax return must be received by HMRC by 31 January following the end of the tax year. There are strict penalties for sending in a tax return late. These are as follows: one day late - £100 penalty, even if you don't have any tax to pay or have paid all the tax you owe three months late - an automatic penalty of £10 a day up to a maximum of £900 six months late - five per cent of the tax due or £300, whichever is greater twelve months late - a further five per cent of the tax due or £300, whichever is greater. In serious cases, the penalty can be up to 100 per cent of the tax due. You can appeal against the penalty to have it removed. To be successful, you will need to show that you had a reasonable excuse for not filing your tax return on time. Advice Guide.org.uk There are various tools that can help you work out how much you need to pay back in the form of taxes: 1. Advice sites 2. Tax calculator 3. Demonstration videos There are various tools that can help you work out how much you need to pay back in the form of taxes: 1. Advice sites 2. Tax calculator 3. Demonstration videos Image by: Hellojenuine The first site you should visit is the HM Revenue & Customs site which answers the FAQ’s that most people want to know. There are a few helpful advice sites in addition available to help you get your head around your taxes: http://www.adviceguide.org.uk/ http://www.taxadvicenetwork.co.uk http://www.pru.co.uk/ Image by: Images_of_money There are a many different types of aids that can help your work out your financial situation with your taxes but a good tax calculator always works best. This income tax calculator is easy to use and is Provided free by Prudential. There are some useful videos that can help you with your tax return process This video tells you how to submit your tax return online. It is also a good idea to understand tax years and how claiming tax refunds are influenced by this.
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"A Guide on UK Tax Returns 2012"Please download to view full document