Chapter 2 - 4.1 - Income Tax Returns Flashcards
What may an individual have to do under the self-assessment system?
An individual may be required to submit a tax return giving details of all taxable income and gains for a tax year
Who does HMRC automatically distribute a return to?
Those likely to need them
What should an individual do if they need a tax return but did not receive one?
They must notify HMRC by 5th October following the end of the tax year as show in the table ‘Individuals: Penalties’
When is there no need to complete a tax return?
If all tax is paid under PAYE
What can taxpayers receiving up to £10,000 in dividends (who do not otherwise need to complete a self-assessment return) do?
They can request that the associated income tax be deducting from their earnings via their tax code
When can simple assessments be issued by HMRC?
If they have enough information, without the taxpayer submitting a return, as part of the move towards digital tax accounts
Who are short tax returns available for?
Employees (who are not directors), pensioners and traders with a turnover up to the VAT registration limit
