In order to file a self-assessment tax return, you must be an individual. You are required to file a self-assessment tax return if you have untaxed income, including income from foreign sources. You must apply for a Unique Taxpayer Reference (UTR) and complete the self-assessment tax return at least twenty working days before the due date. Click here
It Is Important To Note That You Cannot Use The Budget Payment Plan To Pay Your Previous Tax Bill In Instalments
Depending on the type of self-assessment tax return that you have to file, the questions on the form can be similar. Before you begin, read over the form to be sure that you have answered all questions correctly. This will help you complete the task more efficiently. Also, use a tax calculator to estimate your tax bill. The amount you owe will depend on your income tax band. Some people have tax deducted automatically from their pensions or wages. Those people with additional income must complete a separate section.
When it comes to self-assessment tax returns, the more detailed the records, the less chance of an audit from the HMRC. For example, if you’re self-employed and have multiple sources of income, enter each separately. However, you must still enter your main employment as your primary source of income. Finally, you must also declare any self-employed income support grant you’ve received. You should include this amount under Other tax adjustments for the business trading name.
If you don’t have enough money to pay your self-assessment tax bill, you can set up a budget payment plan through your online account. This plan is available for six months or more, but you must make your Self Assessment payments on time. It is important to note that you cannot use the budget payment plan to pay your previous tax bill in instalments. The length of time needed to make a payment on account depends on which method you choose.