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Tax Returns

The UK has a highly complex tax system, and there are a number of deadlines and responsibilities to be aware of.

Tax Returns are an important reporting requirement which updates HMRC (the UK’s tax authorities) about your income over a set period of time, known as the tax year. Each tax year runs from 6 April to 5 April.

WHAT IS A TAX RETURN?

Tax Returns are important documents which provide detailed information about your income to HMRC. They generally apply if you are self-employed but there are a number of other instances when you might need to complete one, including if you live overseas and are receiving income for a property you are letting in the UK. Preparing even the most straightforward Tax Return can be complicated, and it is very usual to seek the advice of an expat tax expert to help you. This is especially important if you have complex tax arrangements or enjoy income from a variety of sources.

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For enquiries or more information:

T: T + 971 (0)4 389 4900
E: info@thefrygroup.ae

PERSONAL TAX RETURN

There are a number of situations in which you need to complete and submit a Personal Tax Return. Personal Tax Returns generally need to be completed by those who fall into one or more of the following categories:

Self-employed or a sole trader
Pay tax at a higher rate
Director of a limited company receiving dividends
Receive rent or income from property in the UK
Receive foreign income even if you don’t normally live in the UK
Receive any form of untaxed income, capital gains or losses
Have your own pension fund or certain savings/investments
Receive other untaxed income specified by HMRC

COMPLETING YOUR TAX RETURN

Completing a Tax Return can be a time-consuming or stressful task, especially if you leave things to the last minute. There are a number of deadlines to be aware of, and missing these could expose you to late penalties, including additional interest charges on any tax you might owe. It’s therefore important to take the time to ensure your tax affairs are up to date, and you have reported everything you must to the authorities.

WORKING WITH THE FRY GROUP

Our team of tax professionals, many of whom have worked for HMRC, can support you through every aspect of the Tax Return process. This includes liaising with HMRC, completing relevant forms and calculating your tax liability or tax refund. We will check all information with you before submitting all the relevant documentation in good time. To discuss your Tax Return with our friendly team please contact your nearest office.

+44 (0)1903 231545

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If you have a minimum £250,000 to invest and would like to speak to someone about your Tax, Estates or Financial Planning, we’d love to hear from you. Complete the form below to arrange an initial 15-minute introductory call with a member of the team.

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All you need to know about UK Tax Returns

When is a Tax Return due?

The official Tax Return deadline in the UK is 31 January following the end of the tax year. Failing to submit your Tax Return by the deadline will result in a £100 late filing penalty automatically imposed by the HMRC.

How is a tax refund calculated?

The amount of tax you are due to pay is determined by your sources of income and gains, available tax allowances and tax bands. Tax is most usually deducted at source from employment and pension income and sometimes too much tax can be withheld. However, if you are leaving the UK, the HMRC will work out if you’re owed a refund for the tax year you’re leaving the UK. In order to qualify for this, you need to fill in a P85 form and send it to the HMRC before you leave the country.

How do Tax Returns work?

Tax Returns generally apply to self-employed people, people living overseas and those receiving income for a property letting in the UK. You can also use the form to claim tax allowances and reliefs. The Tax Return form can be submitted to the HMRC either by paper or online.

Do HMRC automatically refund overpaid tax?

HM Revenue usually do not automatically refund overpaid tax and you may need to reclaim overpaid tax yourself. There are time limits for making an overpaid tax claim and applying for a tax rebate. It is important to manage your finances effectively, so you don’t miss any tax claims you are owed.