HMRC expects people to do tax returns for various reasons;
- Those that have an income outside of a PAYE scheme (i.e. self-employed)
- High earners on PAYE schemes, earning above £100K
- Company Directors & Shareholders
- Landlords who have rental incomes
The tax returns calculated generally run between the dates 06/04/xx through to 05/04/xy, the calculation, submission, and payment deadline of taxes owed to HMRC (or you), would need to be submitted at the latest 31/01/xz, before penalties & interest are imposed.
Each year, the Government announces a tax free allowance, which is the amount you can earn before your income starts to get taxed. The tax free allowance for 2018/19 is £11,850.00. However, this allowance decreases by £1 for every £2 earned above £100k, meaning by the time your reach £125K, the allowance is £0.
The amount of tax paid on income is also specified by the government & is subject to change with announcements made generally in the Budget statements. For 2018-19 the rates are as follows;
|Tax Rate (Band)||Taxable Income||Tax Rate|
|Personal allowance||Up to £11,850||0%|
|Basic rate||£11,851 to £46,350||20%|
|Higher rate||£46,351 to £150,000||40%|
|Additional rate||Over £150,000||45%|
*For 2019-20 the new rates & tax free allowance can be found HERE.
Since 6th April 2019, you would have been able to calculate & submit your 2018/19 tax return to HMRC, so since then the Tax Agents at Taxfile have been busy filing away for the early birds. We have been open on Saturdays too, to keep up with the influx of tax returns & CIS returns.
However, the last Saturday that we will be open will be 30th June. If you would like to join our ‘gang’ of Early Bird & can only come in on Saturdays, you only have a few weekends left.
Please note, on Saturdays, all our agents see clients by appointment only, and can not generally deal with walk-in clients. So please book in advance by either calling 020 8761 8000 or booking online HERE.
So get our professional help at Taxfile & we’ll make filling in and filing your tax return a breeze.