tax return documents

How to Complete a Self-Assessment Tax Return

A self-assessment tax return is the form used by HM Revenue and Customs (HMRC) to collect income tax from individuals. Whilst income tax is deducted from your salary automatically if you work for a company, most people who are self-employed must complete one each year.

This guide will explain who needs to complete a self-assessment tax return, when they’re due, and how to complete one (with a handy checklist).

Making Tax Digital Delay

The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019

Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans

Tax Efficient Investments – Isa

ISA deadline 2011/2012 is approaching soon, So take advantage of tax saving by utilizing the use of your ISA allowance.

2011/2012 Allowance is as follows:

  • Cash ISA allowance £5340
  • Investment (Stock & Shares) allowance £10680

Remember you can hold both Cash ISA and stock & Share ISA if you wish but the total combined  allowance is £10680 (for 2011/2012)