Self assessment
Self-assessment is not a new tax nor is it a tax at all. The idea of self-assessment is that you are responsible for completing a tax return if you need to.
HMRC has a useful section on the website where you can download forms, complete your return online or simply get more information. You can find this at http://www.hmrc.gov.uk/sa/index.htm
There is also a helpline for self assessment that you can phone for advice or guidance on completing your self assessment tax return. This is 0845 900 0444 open: 8am to 8pm every day, except Christmas Day, Boxing Day and New Year’s Day.
Keeping records for self assessment
It is important to keep records for self-assessment. If you don’t, you could be charged a penalty. The records you need to keep are those relating to income you received and any capital gains you have made . These can include:
- Benefits Agency statements about your taxable social security benefits;
- Bank and building society statements and passbooks about interest on your accounts;
- Employer statements (e.g. payslips, form P60) about your pay and bonuses, tax deducted, expenses payments, or if you are self employed you need to keep all the paperwork relating to your business
- Paperwork confirming pension deductions,
- Any documents relating to benefits that are not in cash but some other form, share arrangements etc;
- Tax vouchers for any share dividends or distributions by unit trusts you received.
- Details of any other income such as rents or one off earnings
The Directgov website provides guidance on their website about record keeping >>
Internet tax returns
HMRC encourages individual tax payers to use an interactive self assessment form online. See the HMRC website for information on how to register.
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