An income tax return is quite a confusing topic because although most people and business owners are aware of it, they are not quite sure about how to go about it and by when do they need to submit a tax return.
In the United Kingdom, a tax return is a form available both offline and online that reports the details of your taxable income and claim tax allowances and tax reliefs. According to the HMRC, individuals and companies may file tax returns by April 6 of each year. HMRC then may issue an income tax return based on the information that you have provided in the form.
There are different dates for sending the paperwork and to file your income tax return online and these dates are usually called as filing dates. The paper tax returns must be filed and received by HMRC by October 31 following the end of the tax year while income tax return online must be filed by January 31 following the end of the tax year.
There are strict penalties up to £3,000 for those who file their tax return late, so make sure you file your tax returns on time and avoid penalties. These penalties usually increase if you do not file tax returns and it will not disappear.
Even if you don’t owe any money to HMRC you might be charged with the penalty if you haven’t filed the tax return, so make sure you look for accountants to ask for help if you are not sure how to file for tax return in time.
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