UK Tax Returns
If you fit any of the following criteria you may need to complete a self assessment tax return form.
- You earned £38,335 or more in the previous financial year
- You have been or are a director of a company
- You have earned income from a rental property
- HMRC has sent a Tax Return to for completion
- You have annual income from savings or investments of £10,000 or more (before tax)
- You have received any untaxed income or have made any chargeable capital gains over the annual exemption of £8,800
- You have any taxable foreign income
- You want to claim tax for expenses or professional subscriptions of £2,500 or more
If you require help, FastrackOZ works closely with tax specialists who can offer you help and advice. They can assist you in completing your tax return correctly and on time.
How much does it cost?
Our Tax Return service is available on its own or as an add-on to the FastrackOZ Starter Pack.
The service starts at £150 plus VAT.
How does the FastrackOZ tax return service work?
- You submits details online if you request our service
- Payments are taken by cheque, BACS or credit card
- Your tax advisor collects and assesses your information and will liaise with you via email and phone
- Alternatively you can arrange to book an appointment with your tax advisor if you require it
- Your return is submitted
Why do I need to worry about my return?
Most people have very simple financial affairs and will pay tax on an ongoing basis through a scheme called PAYE. This ensures that your employer / agency will deduct the tax you owe from your wages, before you receive them. In this case you do not need to worry about taking other measures to pay your required UK taxes.
However if you are not on a PAYE scheme you may be required to complete what is called a self assessment tax return form. On this form you declare all your earnings so that the UK's Inland Revenue department can determine if you owe tax or not.
The deadline for filling in your tax return form is normally the end of January. The system works a year behind, so at present you will be assessing if you need to pay tax on earnings made between April 2006 - April 2007.
NB - The onus is on the individual to determine if they should be completing a tax return form or not. Failure to send off a form on time could result in a £100 fine and interest payments on any money that you owe.
Start your return today!
Get started on your return today, contact FastrackOZ on, lo call 0844 3711970 or email andrew.boardman@fastrackuk.co.uk