If you discover that you fulfil the criteria for completing a self assessment tax return, you will be able to complete a paper tax return and send it to HMRC, or register and complete your tax return online. There are deadlines to be observed, with the deadline for a paper return being on 31st October and the deadline for an online return being 31st January. Failure to submit your tax return on time will incur an instant penalty, and this is one of the most common mistakes.
Signing and dating
Once you have completed your self assessment tax return, you must sign and date it before submitting to HMRC. Failure to do so will mean that HMRC has to send the tax return back to you so that you can sign it. This could lead to a lengthy delay, which could mean you miss the filing deadline and receive a penalty.
NI number and UTR
Your National Insurance number and Unique Taxpayer Reference have to be shown correctly on the tax return so that HMRC can trace your records. This information is displayed on all communication from HMRC and you should check that it is correct before submission.
When you complete your self assessment tax return, you may need to complete one or more supplementary pages. This may be due to additional income or some other reason which isn’t included on the main tax return, but all supplementary pages have to be completed and returned to HMRC along with it. Once again, failure to include all pages may lead to a delay in processing and result in a penalty charge.
Your tax return has to be completed fully before submission to HMRC. If actual figures aren’t known, you should enter estimated figures where instructed to do so by HMRC. All information must be sent together with the tax return.
When completing your tax return, make sure that all figures are correct as entering the wrong figure by mistake can lead to you paying the wrong amount of tax. If HMRC comes to decide that this has been done deliberately, you could be prosecuted.
The information to be included on a tax return is required to ensure that you pay the correct amount of tax each year. Incorrect figures will lead to errors and maybe even penalties or prosecution.
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