The first point to make about self assessment tax returns is that not everybody is required to complete one. Those individuals with straight forward tax affairs, such as those whose only income is already taxed, do not need to complete a tax return. However, some individuals, though not required to complete a UK income tax return , may be due a tax refund.
An individual should be completing a self-assessment tax return if any of the following apply:
They are self employed or have a self employment tax status
They are a company director
They receive income from property
They are a Lloyds name
They are a minister of religion
They are in receipt of any untaxed income
For an income tax return UK tax-payers must declarer all areas of income including employment, savings, capital gains tax and property. In some cases, a tax return can also be used to claim the costs of expenses you have incurred in performing your work but have not been reimbursed by your employer. If you are at all uncertain as to whether you should be completing a self assessment tax return, what deadlines are involved, what taxes you should be paying or need assistance in filing out the tax forms contact Omega2accounting for a free assessment of your obligations. Omega2 can also provide information regarding the registration process for the online filing of tax returns.