020 8429 9245

Tax for Companies / August 23rd 2016

Digital Tax Scheme

Most taxpayers are familiar with the Self-Assessment system which HM Revenue and Customs (HMRC) uses to collect Income Tax from individual taxpayers. This system has been in place for many years in order for the Government to collect taxes from those individuals which do not receive income via a Pay as You Earn Scheme, or have income not fully taxed at source. This particularly affects those who are self-employed, those with rental properties, or individuals receiving significant dividends. Tax is also automatically deducted at source from certain sources of pensions and savings income, although in even in these cases there are often reasons for individuals to submit an annual self-assessment tax return. It is necessary to file your tax return online by the 31st January. You will need to calculate your tax liability when submitting your return. It is also important to make sure that you settle your Self-Assessment liabilities by 31 January (or 31 December if you want HMRC to collect tax automatically from your wages or pension with the relevant elections made via your tax code). Note that payment on account may also be due on 31st January and 31st July. (more…)

Read Article

Filter Services

Filter Articles

Page 2 of 5