Tax return deadline looming!

09 January 2008

Remember – Your self assessment tax return must be in by the end of January or you could end up with a £100 fine

The end of January is the deadline for sending off your full self assessment tax return form for 06/07 to the UK’s HM Revenue and Customs. Your tax return is a self assessment form in which you declare your earnings, allowing the government to calculate if you owe any tax. 

Not everyone has to complete a tax return. If your financial affairs are relatively simple and your tax is deducted on an ongoing basis from your wages under PAYE you will probably not be required to complete a full self assessment tax return form.

However if you are not on a PAYE scheme and meet any of the criteria below you should be completing and submitting your full self assessment tax return form. Remember the onus is on the individual to check whether they should be completing a full self assessment tax return form or not. Failure to do so could result in a fine and interest payments on any money that you owe.

You need to complete a 2006/07 full Tax Return if any of the following applied during the period 6th  April 2006 – 5th April 2007

  • You  earned £38,335 or more  
  • You have earned rental income from property 
  • HMRC has sent a Tax Return to for completion 
  • You have annual income from savings or investments of £10,000 or more (before tax) 
  • You have received any untaxed income or have made any chargeable capital gains over the annual exemption of £8,800 
  • You have any taxable foreign income 
  • You want to claim tax for expenses or professional subscriptions of £2,500 or more

You can download your own Tax Return form from HMRC’s own site and complete it yourself.
However if you have anxieties about getting it right or not enough time then FastrackUK offers a full Tax Return service, click here to read more and click here to register

How does FastrackUK’s tax return service work?

  • You submit details online by clicking here 
  • Your tax advisor collects and assesses your information and will liaise with you via email /phone
  • Alternatively you can arrange to book an appointment with your tax advisor if you require it 
  • Payments are taken by cheque, BACS or credit cad 
  • Your return is submitted

How much does it cost?

  • Tax returns prices start at £150 plus VAT.

NB on assessment your tax expert may discover you owe no tax at all and do not need to complete a form. Normally we will not charge in these circumstances    

Your assessor might also discover that you have paid too much tax and the Inland Revenue owes you money

Tax Refund

You could be eligible for a substantial amount of money in tax rebate

If you are from another country and have worked or are still working in the UK it is possible that you have paid too much tax and are eligible for a refund.

You are almost certainly due a tax refund for the 2006/07 tax year if you satisfy one of the following criteria:

  • you did not work the full year 
  • your earnings during the year were less than the tax free threshold (£5,035) for 2006/07 
  • you were taxed on the wrong tax code 
  • you worked in the construction industry on the CIS scheme 
  • you left the UK during the year.

FastrackUK’s tax refund service starts from as low as £75 + VAT. Call us for more information, click here to read more and click here complete our online Tax Return Form here to get your tax refund started.

NB – To complete your own self assessment tax form or find out more about the UK tax system click here.

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