Self Assessment Tax Returns
How to Complete Your Self Assessment Tax Returns
Self assessment tax returns must be completed by anyone who has any income outwith that of their employment salary and also by higher bracket tax payers. This income includes capital gains, whether they arise from the sale of property, stock market profits or the sale of a business. This additional income has to be reported to Her Majesty's Revenue and Customs (HMRC) using a self assessment tax returns form, and the appropriate amount of tax paid.
Any employment salary or pension contributions should have tax deducted already by your employer on behalf of HMRC through the Pay As You Earn scheme (PAYE), however if you are a higher rate tax payer you will still need to complete a self assessment tax returns form.
When filling out the self assessment tax returns form, you are solely responsible for the accuracy of the information supplied. For this reason, it is always a good idea to take your time and make sure that everything is filled out correctly, as it is quite easy to make mistakes. Taxcafe has published an excellent illustrated guide to filling out your self assessment tax returns forms which will walk you through the process step-by-step, with example forms and case studies to ensure you get it absolutely right. Click the following link for full details:
- are self employed
- are the director of a company
- are a landlord
- receive untaxed income outside of PAYE
- have sizeable savings or investment income
- have income from the sale of shares or property outside the Capital Gains Tax Allowance
This guide along with all other Taxcafe titles is written by an industry professional in an easy to follow style, supported by numerous examples to simplify the process of doing your own self assessment tax return.
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