A Guide on UK Tax Returns 2012 by calmyourbeans

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									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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