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Unlike many other countries, not everyone in the United Kingdom has to submit an annual personal tax return. However, more and more people do. Have a look over the list below and keep in mind that you must submit a return if you;
At CooperFaure, we will work with you to ensure that you know your tax position as soon as is practicable after the end of the tax year.
You may be entitled to a tax relief that you are unaware of. For instance, many employees will be entitled to a rebate against the costs of working from home in the 2020-21 and 2021-22 tax years. Details of what you can claim are here (link to blog).
As of 2021 we will be sending out an online questionnaire which will guide you through the process step-by-step.
If you have a rebate due, HMRC usually makes the payment within four weeks of the submission of your tax return.
If you have tax to pay, the deadline remains 31st January irrespective of when you submit your tax return . Early submission enables you to plan your cashflow.
If you have earned between £2,000 and £10,000 from share dividends or between £1,000 and £2,500 in any other untaxed income, such as airbnb or eBay, you need to inform HMRC here – https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees
From the 6th April 2023, Making Tax Digital will replace tax return submissions for all self-employed businesses and landlords with a turnover of over £10,000.
This will require five filings a year in an electronic format. If your trading year is aligned to the tax year, your first report will be due in August 2023.
Whilst this may seem like an age away, we are implementing cost-effective solutions to get you ready for Making Tax Digital.
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