The self-assessment tax return is an important of annual tax filings and thus it is important to complete the filing of this tax before the stipulated deadline. The time frame for filing the self assessment tax return started on 1st of November 2021 and ends on 31st January 2022. If you are thinking of filing a self assessment tax return, either for the 1st time or otherwise, you would need some help from self assessment tax return accountant regarding knowing different aspects associated with it. Let us have a look.
Deadline for filing the self assessment tax returns
The deadline associated with filing paper tax returns for self assessment tax was on 31st October 2021. However, the deadline for completing the online tax returns for self assessment tax is 31st January 2022. It is recommended that you should start preparing for the filing of tax return in advance before the onset of the deadline. The UK domiciled nationals and nonresident landlords who were not residents of UK during the tax year of 2020-21 might need the assistance of the accountant for filing the tax returns.
The people who are eligible for filing self assessment tax return
If you fall under the category of self-employed sole trader in the previous tax year between 6 April 2020 and 5 April 2021 then you would need to file, the self-assessment tax return. The sole traders would only be required to file the self-employed tax returns on the condition that they have earned in excess of £1,000.
The individuals that have untaxed income or the capital gains might also need to file the self assessment tax returns. Some of the examples associated with this are savings, investments, foreign income or dividends. Besides this, the other individuals that would need to file the self assessment tax return 2020-21 are landlords and high income individuals that receive child benefit.
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Visit this site to find more info: https://www.gov.uk/log-in-file-self-assessment-tax-return
If you have still not filed your self assessment tax returns then it is time to buckle up, get organized and prepare for filing the tax returns as the deadline approaches. There are various residents in the UK who might be filing the tax returns for the first time. Even if you are someone who has done tax returns before, there might be change in circumstances which might make the filing of tax returns more complex. However here is everything that you need to know regarding completing the self assessment tax return 2020-2021.
Who qualifies for the self assessment tax return?
You are required to send the tax returns if you were under the self-employed sole trader category, in the previous tax year. The sole traders are required to provide the self-employed tax return only if they have earned in the range of £1,000 or above. The individuals that come under the untaxed capital gains or income might also need to file for the self-assessment tax return. Some of the instances include dividends, foreign income, and savings or investment.
The other individuals who are needed to provide the tax return are landlords and high income people who receive the child benefit. If you are a landlord and earn the property income, then you might be needed to file the tax return. Your additional income that comes from self-employment or employment sources is also included in the tax return since tax is calculated for the total income that comes from all the sources.
There are various categories of landlord tax worth considering that includes capital gains, income tax, and stamp duty land tax. The NIC's and income tax are liable to be paid through self-assessment process, while capital gains and stamp duty are paid either when you sell or purchase a property. There are separate rules that are applicable when you run the Airbnb or rent a specific room in the house.
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For more info, visit https://www.gov.uk/log-in-file-self-assessment-tax-return