You will find some of the cases below where a Tax Return filing is required.
– Anyone earning more than £100,000 in a tax year
– All self-employed taxpayers or a partner in a partnership
– Taxpayers claiming non-resident, not ordinarily resident, or non-domicile status
– Anyone that has been issued with a tax return
– Any individual that has not had full withholding at source
– Anyone receiving foreign income and filing under the arising basis
– A company director or a trustee
– You or your partner receive Child Benefit and your income is over £50,000
The UK has a self-assessment system which means that a taxpayer will prepare and submit their tax return without any backup, such as interest statement or dividend statement. If a taxpayer wants HMRC to calculate their tax or is completing a “paper return”, they must submit their tax return by 31 October following the tax year end. In other cases, the return must be filed electronically by 31 January following the tax year end. There are no requirements for our ability to file extensions and an automatic penalty of £100 will apply for late filing. The later you send your return, the more penalties you’re likely to pay.
The full amount of any tax due must also be settled by 31 January following the tax year end to avoid any interest or potential surcharges. In addition, if a taxpayer has significant income not taxed at source, there will be payments on account generated and these payments will also be due on 31 January and the following 31 July.
Following the submission of a tax return, HMRC has 12 months either from the filing date or a year from the filing deadline to open an “inquiry”. This may consist of a few questions or they may request a full breakdown of information and additional details. You will find more information on inquiries on our “HMRC inquiry section”.
We have our specialist tax team who can assist you with the tax return filing process and they would be able to have an initial discussion at no cost to identify your filing requirements.