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Accountants Alexander Ene Announces Personal Tax Return Preparation Automation A UK Personal Tax Return provides details of your income and any tax due, such as employment, self-employment, savings, pensions or capital gains. If you earn income or capital gains that require reporting, HM Revenue and Customs requires that a Personal Tax Return form is filled out each year in order to report them. Tax on UK Personal Tax Returns will depend on both your income and circumstances. If you are self-employed or earn income from sources not covered by PAYE, HMRC requires that a UK Personal Tax Return be filed annually in order to calculate how much tax is due from you. Your tax return must be filed no later than 31 January following the end of the tax year if filing on paper and 31 October for those using electronic filing systems, respectively. Self-employed Self-employed individuals in the UK must file their annual tax return by 31 January to pay any outstanding taxes owed. Untaxed income If you received untaxed income from investments, land or property or made capital gains in the tax year then Revenue & Customs requires you to complete a tax return in order for them to assess how much tax is due on them. Penalties HMRC may charge penalties for noncompliance with UK Personal Tax Returns. These could result from careless errors, intentional tax evasion or fraud schemes or simply being tard in filing one's return. HMRC can cancel a penalty on appeal if you can demonstrate you have a good reason for late filing - for instance due to illness, severe injury or other personal difficulties which prevented you from meeting your tax obligations on time. Find Out More At https://www.alexander- ene.co.uk/
