Tag Archives: self assessment
Paying HMRC Self Assessment
Completing a HMRC Self Assessment tax return is a process that many individuals and businesses in the UK are required to undertake each year. This annual obligation involves declaring all sources of income, including earnings from employment, self-employment, rental properties, investments, and any other financial activities. Understanding the rules and regulations surrounding Self Assessment is […]
Continue readingUnderstanding the Unique Taxpayer Reference
What is a Unique Taxpayer Reference (UTR)? A Unique Taxpayer Reference (UTR) is a ten-digit number that is exclusive to either an individual or a business, acting as an identifier for tax purposes in the United Kingdom. This code is integral to the process of filing tax returns, dealing with HMRC (Her Majesty’s Revenue and […]
Continue readingThe Comprehensive Guide to Navigating Your Self-Assessment Tax Return
A self-assessment tax return is a system utilized by tax authorities where individuals declare their income for a specific tax year. It requires the taxpayer to be proactive in reporting their income, expenses, allowances, and reliefs to the government. In the UK, the self-assessment system is used to collect income tax. Self-employed workers, company directors, […]
Continue readingTop 7 Common Tax Return Mistakes That People Make
It has always been an option for people to file their own tax return rather than get someone else like a tax accountant to fill it in for them. However with the advent of the internet and online filing system more people than ever before now file their own tax return via the HMRC online […]
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