Self-Assessment Tax Return
Filing a self-assessment tax return is required if you earn income from a foreign source or are untaxed in the United Kingdom. However, there are several deadlines that must be met. If you don’t submit your self-assessment tax return on time, it could be the start of a tax investigation and you may find yourself facing large penalties. Here are the key dates for filing your self-assessment tax return. Site
The Key Dates For Filing Your Self-Assessment Tax Return
The first thing you need to do is work out your total income and expenses. This way, you can figure out your taxable income. Then, calculate how much money you have to spend on various expenses. You must then divide your income by the total number of years you worked. If you made over £10,000 in a year, you should estimate your total expenditure. This will give you a rough idea of how much money you have to pay to HMRC each year.
The next step is to figure out the type of tax return you’ll be filing. You’ll need to fill out forms for capital gains tax and property rental. You can even use an online tool to create your self-assessment tax return. The good thing about self-assessment software is that it allows you to save your work on it in small chunks. With KashFlow, you can create your Self-Assessment report in just a few clicks. However, you must remember that KashFlow cannot provide you with legal advice on the classification of your Nominal Code.