This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
  • Delicious




ICAEW Launches 'Tax Return Week'

by Jason Gorringe, Tax-News.com, London

03 September 2007

Taxpayers must be sure whether they are required to file a self assessment return, warns the Institute of Chartered Accountants in England and Wales (ICAEW).

Ahead of the 30 September deadline for getting HM Revenue & Customs (HMRC) to calculate self-assessment tax, the ICAEW has clarified who should be preparing to file a self assessment return as part its annual 'tax return week,' which started on September 3.

Taxpayers are legally required to submit a Self Assessment return when HMRC issues a tax return or a notice to file. The self-employed, business partners, company directors, landlords, those with foreign income and any others with complex tax affairs should be prepared to complete returns to establish how much income tax they should pay.

Anita Monteith, Technical Manager from the Tax Faculty at the ICAEW, explained that: “In 2006-07 around one million taxpayers did not submit returns by the 31 January deadline. Those tax payers with income which hasn’t yet been taxed may be required to complete Self Assessment returns and if they haven’t been sent one they should contact HMRC before 6 October."

“If taxpayers want HMRC to help with their calculations they should contact them in any case before 30 September."

“Following the introduction of Self Assessment it is the duty of the tax payer to take responsibility for calculating their tax liability. Taxpayers should also note that they must provide the Department with all the information it needs to validate this calculation.”

The ICAEW has outlined a quick guide for those who need to prepare for Self Assessment:

  • Employees and pensioners with very straightforward affairs who largely pay most of their Income Tax due through Pay As You Earn – not required.
  • Some employees who receive other income, the self-employed with turnover of less than GBP15,000, some pensioners, people with property income in the United Kingdom below GBP15,000 and people receiving saving and investment income - Short Return (four pages) which can be completed online.
  • Some higher rate employees who may also receive other income, the self employed with turnover of greater than GBP15,000, pensioners, people with property income in the United Kingdom above GBP15,000 and people receiving saving and investment income from overseas - Full Return (10 pages, plus supplementary pages for certain taxpayers) can be completed online.

.

 

 






Write a comment