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16.01.2021

Что такое UNIVERSAL Credit?

UNIVERSAL credits — это платежи от государства. Если вы несете ответственность как минимум за одного ребенка, который...

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Eng

What you need to know about tax returns?

28.01.2021

Self Assessment is short for the 'Self Assessment tax return' — a form that business owners need to send to HMRC by 31 January each year to report on their earnings and sources of earnings.

The term itself refers that it's the business owners responsibility to work out how much tax they should pay. The Self Assessment tax return is also called a Tax Return.

Who must send a tax return?

are self-employed as a 'sole trader' and earned more than £1,000 (including CIS card holders);

are a Director of a limited company;

are a partner in a business partnership;

have income from renting out a property (income come from UK property or land);

have income from tips and commission;

have income from savings, investments and dividends;

have income from a trust;

have income from outside the UK;

have taxable benefits (P11D from your employer);

Made Capital Gains over £8,800;

hold a position that affects how you're taxed (religious minister Lloyd's underwriter examiner, exam moderator or invigilator share fisherman);

has told by HMRC to send a return or your partner claim Child Benefit.

You will not usually need to send a return if your only income is from your wages or pension.

The tax return covers income earned in the fiscal year and must be filed with HMRC online, by 31st January after the end of the relevant fiscal year or on the hard copy, must be with HMRC by 31st October.

The tax year runs from 6 April to 5 April of the following year.

About Pension Credits

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Who is a sole trader?

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