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| Self Assessment in the UK |
- Self Assessment is the new way of working out tax and applies to anyone who is self employed including business partners.
- Self-assessment requires that YOU fill in your return giving full details of all taxable income and gains you received in the year, and claim any allowances as well. This means that you are responsible for ensuring that you pay the right amount of tax, even if you do not actually work out the tax yourself.
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There are important dates in the UK tax year that need to be adhered to. There are no extensions to these dates and £100 penalties are enforced if you don't keep to the deadlines:
- 6 April to 5 April of the next year is the tax year: so the tax year 2001-02 starts on 6 April 2001 and ends on 5 April 2001.
- 30 September - Deadline for sending in your tax return if you want the Inland Revenue to work it out for you.
- 31 January - Final deadline for sending in your tax return if you decide to work out your tax bill yourself. You will be sending in your tax return for the previous tax year, not the current tax year!
- 31 January and 31 July - Paying the tax due in 3 instalments if necessary: in the January of the tax year, in the June after the end of the tax year and then, if needed, a final balancing payment in the following January.
- There is an Internet service for self-assessment on www.inlandrevenue.gov.uk/e-tax/index.htm which allows a one-off £10 discount if you use the online service. You can still use this service to download the necessary forms, fill them out and post them instead.
- Or you can try this web address instead: www.inlandrevenue.gov.uk/sa/text/index.htm for the information you will need. [Be warned that the Inland Revenue websites may be slow to download.]
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