Are you a UK taxpayer? If so, you should know that the 31 October deadline is just around the corner. If you have yet to submit your return, now is the time to get your act together and get it in on time!
Here are seven things you need to know before 31 October:
It’s that time of year again!
If you’re a UK resident and worked or had any other income in the past year, you’ll need to file a tax return. And if you don’t file by the 31 October deadline, you could face serious penalties for not paying taxes.
Here Are Seven Things Everyone Should Know About UK Tax Returns:
You must file a UK tax return if your income exceeds £11,850 annually (in 2018/2019).
If you don’t file on time, the government will assume you owe them money—and they’ll charge interest on top of that amount until it’s paid off.
You can opt out of paying national insurance (if you’re self-employed). But you might not get access to certain benefits like state pensions or healthcare subsidies. The exact details vary by circumstance and region; check with an accountant or lawyer before deciding to opt out of national insurance contributions!
You can file your taxes online through HM Revenue & Customs (HMRC).
You need a UK bank account to file an online tax rebate with HMRC—if you don’t have one already, try opening one today!
You can also get help from an accountant or tax advisor if needed!
If you owe taxes, don’t wait until the last minute—you’ll save yourself a lot of stress by filing early and paying as much as possible before the deadline arrives! If you’re self-employed or a sole trader, chances are good that you’ll owe taxes—but don’t panic! We’ve got lots of tips and tricks for ensuring your business complies with UK tax laws so that everything goes smoothly when it comes time to file those returns!
Why Do I Have To Pay Taxes In The UK?
The short answer is that you must pay taxes in the UK because it’s the law. But that doesn’t mean you can’t make a case for why you shouldn’t have to! If you’ve been living in the UK for less than three months, aren’t working here, or are just visiting on holiday, then technically you shouldn’t owe anything. However, if you’ve been living here for over three months and are earning money from work or self-employment, you will probably be liable for income tax. If this is your situation, we recommend getting professional advice from a qualified accountant.
If you’re living in the UK, you’ve probably heard about the 31 October UK tax return deadline. If you’re like most people, that’s probably not a date that gets your blood pumping—but if you’re not paying your taxes correctly, it could be a life-altering event!
With Just A Few Weeks Left To File Your Tax Returns, Here Are Seven Things You Need To Know Before 31 October:
You have until 5 December to file your return. You can file electronically or by post, but the important thing is that it doesn’t need to be done by 31 October.
You don’t have to pay taxes on income earned outside the UK. That means if you have an apartment in Paris and rent it out while you’re there, or if you get paid by an overseas company for freelance work done last year, those earnings won’t be taxed here unless they come from within the country itself (for example, if your business has an office in London).
If you haven’t filed taxes in two years or more—especially if it’s been three or more years since filing—you’ll likely owe more than just fines. In addition to fines for late payment (up
What Is A UK Tax Return?
A UK tax return is what you file with the UK government to report your earnings and expenses to determine how much income tax (or National Insurance contributions) you owe. It’s a report card for how well (or not so well) you’ve done financially during the year. You must file a UK tax return because YOU live in the United Kingdom. And if you live in the United Kingdom, then YOU are require by law to pay taxes on any income YOU earn from business or employment activities conducted within the United Kingdom. If you don’t file your taxes on time, there are consequences—which can be serious if left unchecked for too long!
What Happens If I Don’t Pay My Taxes On Time?
The penalties for not paying taxes in
Taxman Is Coming
The tax man is coming! Or, at least, he’s getting ready to come. And if you haven’t filed your taxes yet, you should get on it—or else. The deadline for filing UK taxes is October 31st, which is less than six months away.
If You’re Not Paying Taxes In The UK, Maybe It’s Time For A Change Of Scenery
If you’re not paying taxes in the UK because your income isn’t high enough or because of other reasons like being an ex-pat, maybe it’s time for a change of scenery! The cost of living in other countries is often far lower than it is here at home—which means more money left over at the end of every month!
You Can Pay Your Taxes In Installments.
The UK tax system is design to encourage taxpayers to pay their tax bills on time and not to let them slide. However, if you cannot raise a lump sum payment, several options are available. The most common is the payment plan, which allows you to make payments for up to 12 months.
You Can’t Deduct All Expenses From Your Business Income.
For an expense to be deductible against your business income, it must meet two requirements:
It must be incurred wholly and exclusively for business purposes; and
It must be necessary for carrying out your trade or profession. For example, if you have a home office that allows you to conduct. Your business-related activities more efficiently. This would count as a necessary expense because it makes it easier for you to do what you need to do (which makes sense. If we think about how many people work from home today).