Ensuring that you are paying the right tax can be a very big task and the responsibility to ensure it is correct falls solely to you.
Further to calculating the correct sum, it is also important to ensure that you make the payment at the right time and do not incur penalties or further interest from HM Revenue and Customs.
Tax Returns As you may or may not know, the UK tax year begins and ends in April each year.
At the end of the tax year, you will be issued a tax form from your local tax office.
Along with the main tax form, the tax office will also supply you with the supplementary pages that they believe are relevant to your requirements.
It is good practice to ensure that you do have the all of the required pages for your situation immediately and request any further pages that you are missing that you feel are relevant.
If you have been generating taxable income over a year and do not receive you tax form during April, it is mandatory to inform your local tax office of this by no later than October.
The filing date for when to submit the completed form is the end of October for paper submissions or the end of January for electronic copies.
Failure to submit a completed tax return Penalties can become quite severe for failure to submit your completed tax form by the filing date.
There is an automatic £100 penalty for submissions that do not reach your relevant tax office by the filing date.
Should the completed tax form still not be received within three months after the filing date, a daily penalty of £10 each day that the form is not received.
Prolonged failure to submit your form will result in a 5% increase in the tax due on top of the existing penalty figures.
Tax Form Amendments After submitting your completed tax form, you have 1 year from the filing date to propose any amendments or corrections to your submission.
Within this same time period, HM Revenues and Customs are within their rights to investigate your returned form to ensure it has been calculated correctly and can make enquiries without the need to give any reason.
It is vitally important to ensure that any records relating to the tax form submission are held on file not only during the 1 year period after the filing date, but for at least a further four years.
Further to calculating the correct sum, it is also important to ensure that you make the payment at the right time and do not incur penalties or further interest from HM Revenue and Customs.
Tax Returns As you may or may not know, the UK tax year begins and ends in April each year.
At the end of the tax year, you will be issued a tax form from your local tax office.
Along with the main tax form, the tax office will also supply you with the supplementary pages that they believe are relevant to your requirements.
It is good practice to ensure that you do have the all of the required pages for your situation immediately and request any further pages that you are missing that you feel are relevant.
If you have been generating taxable income over a year and do not receive you tax form during April, it is mandatory to inform your local tax office of this by no later than October.
The filing date for when to submit the completed form is the end of October for paper submissions or the end of January for electronic copies.
Failure to submit a completed tax return Penalties can become quite severe for failure to submit your completed tax form by the filing date.
There is an automatic £100 penalty for submissions that do not reach your relevant tax office by the filing date.
Should the completed tax form still not be received within three months after the filing date, a daily penalty of £10 each day that the form is not received.
Prolonged failure to submit your form will result in a 5% increase in the tax due on top of the existing penalty figures.
Tax Form Amendments After submitting your completed tax form, you have 1 year from the filing date to propose any amendments or corrections to your submission.
Within this same time period, HM Revenues and Customs are within their rights to investigate your returned form to ensure it has been calculated correctly and can make enquiries without the need to give any reason.
It is vitally important to ensure that any records relating to the tax form submission are held on file not only during the 1 year period after the filing date, but for at least a further four years.
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