Filing your self-assessment tax return might seem daunting, but with the right preparation, it can be a manageable process. To ensure a smooth experience and accurate reporting, here’s a comprehensive guide outlining the essentials you’ll need to prepare your UK tax return for 2023. Personal Details Start by gathering your personal information. This includes your […]
As the new year unfolds, it brings a crucial deadline for individuals in the United Kingdom – the self-assessment tax return deadline. For many, the prospect of navigating the complexities of tax obligations can be daunting, but understanding the key details and preparing ahead can alleviate the stress associated with this annual task. Deadline Date […]
Introduction to self assessment Firstly, as the tax season is drawing upon us, all self-assessment tax returns filed electronically must be submitted by 31st January 2024 for the tax year ended 5th April 2023. Any tax returns (unless HMRC has issued a notice) submitted after 31st January will be deemed as received late and the […]
Introduction The tax year for individuals runs from 6th April to the following tax year 5th April. The corporation tax financial year for limited companies runs from 1st April to the following year 31st March. Individuals who fall into within Self-Assessment are normally required to submit an annual tax return. Paper tax returns must be […]
HMRC The taxpayer is primarily responsible for ensuring that the tax liability for each tax year is properly assessed and the correct amount of tax is paid on the due date. This system is referred to as “Self-Assessment “. His Majesty’s Revenue and Customs or HMRC consists of a large body of civil servants which […]
You can send your self-assessment tax return at any moment from the start of a new tax year on 6 April until the 31 January the following year. After this date there will be a fine of £100.00 for late tax returns and further fines issued by HMRC for your self-assessment tax return will inevitably […]
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