Accountants Alexander Ene Announces
Personal Tax Return Preparation Automation
A UK Personal Tax Return
provides details of your income
and any tax due, such as
employment, self-employment,
savings, pensions or capital
gains.
If you earn income or capital gains
that require reporting, HM
Revenue and Customs requires
that a Personal Tax Return form is
filled out each year in order to
report them.
Tax on UK Personal Tax
Returns will depend on
both your income and
circumstances.
If you are self-employed or earn
income from sources not covered
by PAYE, HMRC requires that a
UK Personal Tax Return be filed
annually in order to calculate how
much tax is due from you.
Your tax return must be filed no
later than 31 January following the
end of the tax year if filing on
paper and 31 October for those
using electronic filing systems,
respectively.
Self-employed Self-employed
individuals in the UK must file
their annual tax return by 31
January to pay any outstanding
taxes owed.
Untaxed income If you received
untaxed income from investments,
land or property or made capital gains
in the tax year then Revenue &
Customs requires you to complete a
tax return in order for them to assess
how much tax is due on them.
Penalties HMRC may
charge penalties for
noncompliance with UK
Personal Tax Returns.
These could result from
careless errors, intentional tax
evasion or fraud schemes or
simply being tard in filing
one's return.
HMRC can cancel a penalty on appeal
if you can demonstrate you have a
good reason for late filing - for instance
due to illness, severe injury or other
personal difficulties which prevented
you from meeting your tax obligations
on time.
Find Out More At
https://www.alexander-
ene.co.uk/