WHAT IS A SELF ASSESMENT TAX RETURN?
You will need to register as self-employed, along with a complete self-assessment tax return for the tax officer so the tax man or in this case HMRC can figure out how much taxes you need to pay and also depending on how much taxes you have been already paying. Self-Assessment is basically a system HMRC uses to collect taxes.
WHEN DO I NEED TO REGISTER FOR SELF-ASSESSMENT ?
According to the taxation laws, even self-employed individuals or freelancers need to file for tax returns and for that those individuals need to register for self-assessment via HMRC website. After that you are able to file paper work related to taxation. it is essential to register for an online account on the HMRC website by the 5 October deadline in order to file an online self-assessment tax return in January, so you can start filing your paper work and paying your taxes on dates following 5th Oct. If a person fails to register for self-assessment therefore failing to file for income tax return will be charged with a penalty. Once you register for self-assessment you don’t need to do it again.
HOW DO I CONTACT HMRC ABOUT SELF-ASSESSMENT ?
You need to register with HMRC is done so you can submit your self-assessment tax return form. You must register before the deadline even in advance if you need to, since you won’t have to do it over and over again and if you miss the submission deadline you will have to pay a penalty. You need to register for self-assessment tax return online at www.gov.uk/log-in-file-self-assessment-tax-return . When registering you’ll need your “Personal and Business details” and your “National insurance number”. HMRC has stated if you are self-employed, it’s your responsibility to pay the taxes.
HOW TO PAY SELF-ASSESSMENT INCOME TAX ONLINE ?
To register for online services where you can file your self-assessment tax return, you’ll need a Unique Taxpayer Reference (UTR) number, HMRC will send it to you in the post, followed by a pin number which you can use to access online services where you can submit your self-assessment tax return form. HMRC will send you a notification annually to file your self-assessment tax return, you would have to inform them if you don’t need to anymore because you may have become a full time employee. Internet banking is an option many people used choose HMRC from your bank society’s list (‘payee list’). You can also use HMRC bank info to set up the payment process online. When using your bank in the payee list please make sure you select the correct HMRC section.
PAYING WITH DEBIT OR CREDIT CARDS
You can use debit card or credit card to pay your self-assessment tax bill online or bank details/ bank transactions. You have a debit or credit card issued in United Kingdom, you can pay your Self-Assessment tax over the internet via Billpay.
You will have to pay 1.4 for each cent when paying with the credit card, which will also be non-refundable. HMRC won’t accept any cards which are not issued by uk.
| Things you will need to know if you want to pay your taxes online |
| Debit card or credit card info. |
| Self-Assessment reference number, your Unique Taxpayer Reference (UTR). This is stated on the pay slip The reference number is made up of ten digits followed by the letter ‘K’ – |
HOW TO PAY SELF-ASSESSMENT TAX THROUGH CHEQUE ?
These ways to pay your taxes still exist, cheques are used to pay taxes all the time. Cheques must be made out to “Her majesty’s Revenue & Customs only” (HMRC), along with the UTR number. Every day counts, deadlines don’t care about the date it was sent if it arrived after the dead you will face penalty, so it’s better to send it few working days prior, you’ll also need a pay in slip. Both should be folded together and send to HMRC.
HOW TO PAY SELF-ASSESSMENT TAX THROUGH TELEPHONE BANKING ?
Telephone banking is also one of the traditional way to do so compared to the world of Internet and smartphones. Call your bank and give them HMRC’s registration details, your reference also the amount you are going to pay.
HOW TO PAY SELF-ASSESSMENT TAX VIA BANK?
Payments through post offices have been shut down. A good and reasonable option is paying via bank. You can just walk up to the bank and pay your taxes. This method becomes helpful if you are paying it few days before the deadline, it can help with arriving your payment as soon as possible to the tax man At HMRC. They will mark the day you paid was the day you received.
