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Common Questions About Tax
Q. What is a (self assessment ) tax return?
A. The self assessment tax return is used to calculate how much tax you owe from the earnings you declare on the form.
A tax return is used to state taxable income and capital gains and to reclaim expenses and reliefs. A self assessment tax return can be completed either on-line or in paper format and can be issued to both PAYE and self employed tax payers.
If you are issued a self assessment tax return by HMRC you must complete it within the deadlines officially laid down and a self assessment tax return is legally binding. The current deadlines for a self assessment tax return to be filed on-line is the 31st January each year and the 31st October for paper returns.
If the tax returns are submitted late, penalties will be imposed by HMRC. If you receive a notice from HMRC to file a tax return for previous tax years you have three months from the date you receive the notice to complete and submit your tax return.
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