TAX RETURNS
are usually issued to whom HMRC believes have
- income from self-employment activity - rental income from property and land - other income which wasn't taxed at source - complex tax affairs, for example, higher rate taxpayers or company directors
There are two main types of tax return. If you have simple tax affairs including, employees, pensioners and the self employed with turnover less than £64,000 you'll receive the shorter tax return.
If your affairs are more complicated you'll need to complete a full tax return. This tax return has more pages plus supplementary sections and you will need to complete extra pages, depending on what sort of income you receive.
In the main tax return you will be asked for details of income from investments and pensions, savings. If you contributed to a pension scheme you may reduce the amount of tax you have to pay and also you can use certain personal allowances.
The deadline for submitting a self assessment tax return has now past. You have to submit your tax return as soon as possible but you may still get a fine of £100 plus interest on any tax paid late.
At Quad Accountancy Services we can help you with all aspects of your tax return, whether is a personal self assessment tax return, small business tax return or more complex tax return. Call us now regarding your tax return on 02085933451, 07916287074 or fill out our contact form and we will call you back.
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