Who uses us?
- Self Employed
Do you need to complete a Tax Return?
Most taxpayers in the UK are taxed at source and so do not need to complete a Self-Assessment Tax Return. ‘Taxed at source’ means that the money you receive has already had tax taken off, such as the wages you get from your employer when paid under the Pay As You Earn (PAYE) system, or UK bank interest taxed at source.
People who have income that has not been taxed at source, or not taxed at the correct rate, and on which tax is due, are required to inform HM Revenue & Customs about the income within six months of the end of the tax year in which the income is received (that is by 5 October following the end of the tax year). HMRC will then send you a notice to file a tax return, either by post or electronically.
Such income would include, for example, rental income, self-employed income, savings income over the savings allowance, and occasional untaxed income like eBay sales or casual freelance earnings.
If you are an employee or pensioner and think you may have paid too little tax under PAYE, you will normally be able to resolve this without the need for tax returns. You should contact us by phone on 02030049303. It is best to resolve the matter without the issue of tax returns. This is because there are strict submission deadlines for tax returns and you could accidentally end up paying penalties and interest in addition to any tax due.
If you are due a tax refund, completing a tax return is unlikely to be the best route. Instead, you should submit a repayment claim form, or, for overpayments of tax under PAYE, simply contact Nexa Accountants on 02030049303 or write us at contactnexa@localhost