How to Complete a UK Self Assessment Tax Return by syukri2204

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									If you are one of the 7 million or so UK Tax payers that are required to
complete a self assessment tax return each year then this page may give
you some assistance in completing this not so interesting task.

The UK tax year runs from 6th April to 5th April each year and anyone who
is required to complete a self assessment return must disclose all of
their taxable income for this period.

The majority of UK tax payers have their tax collected at source through
the Pay as You Earn Scheme, whereby employers run a payroll scheme that
deducts the correct amount of tax and national insurance each month. The
employer is then legally obliged to pay this amount over to HMRC every
month or every three months depending upon their size.

This is the easiest and most efficient way of collecting tax; however it
only works when the tax payers has full time employment and recovers the
tax that is due through this employment. PAYE schemes do not and cannot
recover tax that is due on income from other sources. This is where the
Self Assessment Tax Return is required, it has a main tax return and up
to 11 subsections to cover every eventuality of income that could be
obtained and tax payable upon., below are the most common reasons why a
tax payer would be required to complete a self assessment tax return

    ·   They   have Income above £2,500 from Land or Property
    ·   They   are a Company Director or If you are self employed
    ·   They   have Income from a pension and a salary
    ·   They   are a 40% income tax payer and have savings income
    ·   They   receive income from investments that are not taxed at source
    ·   They   receive Income from foreign sources
    ·   They   have income subject to capital gains tax

There are also various reliefs that can be claimed and again these are
included in the tax return.

It is possible to collect all the data that is required and submit your
own tax return online through the HMRC website, although this is not the
easiest way of doing things it does have the advantage of being free.

The other way of getting this annual chore out of the    way is to outsource
it to a specialist who deals with self assessment tax    returns, these
specialists are often fully qualified accountants who    choose to deal with
personal tax affairs rather than general accountancy,    they can provide
excellent value for money compared to the traditional    high street
accountants who charge up to 4 times the amount of an    online specialist.

The tax return accountant will probably provide you with an end of year
checklist to ensure that you do not miss anything of importance and will
also ensure that you claim all the allowances that you are entitled to,
this can be very helpful if you are a landlord and have property income
as it is a specialist area and nor everyone who has buy to let income has
the knowledge, nor wishes to acquire the knowledge of what is and is not
allowable against rental income.
Once all the income has been disclosed on the return, the tax return
account will calculate the amount of tax that is due, discuss the return
with you the client and submit the return online on your behalf. The
online returns must be submitted by 31 January following the end of the
tax year to which they relate.

Online tax return accountants provide value for money and take away the
strain of the annual tax return. Enter the search term on your favourite
search engine and see what a difference a little bit of professional help
can make.

Indigo Self Assessment specialise in providing a self assessment
accounting service for buy to let landlords and personal tax payers that
are required to complete a self assessment tax return, As a tax return
accountant they serve clients though out the UK and conduct the majority
of their business over the internet, more details of their services can
be found at http://www.indigo-self-assessment.co.uk. Here you will find
an instant quote tool that shows how little this services costs.


http://www.ceritapa.com

								
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