However, some tax payers, including employees, may have income that has not been taxed at source and needs to be declared to HMRC, usually by submitting a self assessment tax return. Legally, a tax payer is obliged to submit a tax return when HMRC request one by sending a notice to file a tax return, either because the tax payer has registered for self assessment voluntarily or because HMRC believe one to be required - HMRC can request a tax return from anyone for any reason.
Self Assessment Tax System Q. I would appreciate some guidance. The obligation is on you to send in tax returns to Revenue and voluntarily pay your tax liability.
Substantial penalties apply in addition to your normal tax liability if you do not comply with the rules. Your tax return form for the preceding tax year must also be sent to Revenue by this date.
Tax payments can also be made by monthly direct debit.
This applies even if you have paid whatever tax is owed for the year. The tax liability to which the penalty applies is based on the tax due before you deduct tax payments made on account against your tax liability for the year.
You could in fact be owed money by the Revenue and still be subject to a penalty for not submitting your tax return on time.
Preliminary Tax Payment Rules The 31st October each year is the date for making your preliminary income tax payment on account for the year in question and also for settling your account with the Revenue Commissioners for the preceding tax year. This can give rise to situations where two years tax liability could fall due on the same 31st October.
Needless to say if you do not comply with these rules there are substantial interest and penalties which can be applied to your actual income tax liability owed for the period.
When considering your preliminary tax payment requirement for any particular tax year the following options are open to you: If you do not meet either of the above rules then interest charges will arise on any unpaid tax from the original due date for payment of same i.
In addition you must also settle your account with the Revenue for the preceding tax year. It is also possible to pay your annual tax bill on a direct debit basis to the Revenue. However if you are newly registered as self employed in you may find yourself facing a dilemma.
It would be advisable to seek further advice before making your final decision.
Extract from Tralee Advertiser 28th August List of information about Self Assessment. Self Assessment forms and helpsheets; Self Assessment forms and helpsheets: main Self Assessment tax return.
Self Assessment SA tax returns software for individual taxpayers and professionals simplifies the preparation and completion of tax return forms SA to SA with wizard style entry forms and tax calculations.
Tax Returns can be submitted to HMRC Inland Revenue electronically using . Assessment Notices and Tax Bills are two separate and distinct items. An Assessment Notice is only issued in a general assessment year or if there is a change in the details on a prior notice (for example: name, description, address, changes to property value, etc.).
The rest of the questions are self-explanatory as far as I can see. Once they are all completed CS/KDP will generate an online version of form W8-BEN (for individuals) or of form W8-BEN-E (for companies). that the Self-Assessment tax system places an onerous responsibly on petty traders to comprehend the new system and to comply with the tax administration aspects as to the computations, payment of taxes, and record keepings.
Overview. This guide sets out the basic principles of the self-assessment system as it applies to Income Tax (IT). For Capital Gains Tax (CGT), please refer to the CGT section. For Corporation Tax (CT), please refer to the Companies and charities section..
Under self-assessment there is a common date for the payment of tax and filing of tax returns.