1. What is a Tax Return?
The process of self assessment was put together to allow you to tell HM Revenue & Customs about your income for a specific tax year. The tax year runs between 6th April and 5th April.
All income during this period needs to be detailed for tax purposes. Your Self Assessment Tax Return allows to you to claim tax allowances and detail your expenses that can be attributed to your income in order to claim tax reliefs against your tax bill.
2. Who is required to complete a Tax Return?
Most pay situations have tax deducted via PAYE (Pay As You Earn). However, if you are self employed you will need to declare your income to Revenue & Customs so you can pay your tax bill.
You also need to complete a tax return if you are employed but have an additional source of income which has not been taxed via PAYE, or if you have made a capital gain.
3. What is Self Assessment?
This is the name of the process by which you inform Revenue & Customs of your income and tax liability.
4. What information do I put in my Return?
You need to include all information about your income and related expenditure. This includes income from all self employments and PAYE employments if you have both.
5. How do I pay my tax bill?
Tax liability for the previous tax year is due by 31st January the following year. So for the 2009/2010 tax year, the balancing tax payment needs to be made by 31st January 2011.
6. What is Payment on Account?
This a payment made in advance for the forthcoming tax year. You are required to pay it if your tax bill is over £500 and you are expecting the same level of liability in the coming tax year.
You can apply to reduce these payments if your circumstances change.
7. What is a Short Tax Return?
In some circumstances, you may receive a short tax return. This is a return requiring only a limited amount of information to be filed due to your own particular income scenario.
8. What can TaxPenny do for me?
You can save time and paperwork by having TaxPenny complete your Tax Return for you. Once you have accepted our quote, we:
9. When do I have to complete my Tax Return?
TaxPenny can calculate your tax liability, complete accounts (if applicable) and submit to HMRC electronically before the 31st January deadline.
Your tax adviser will provide you with our work schedule once you have applied and accepted our quotation.
10. What is my Unique Tax Reference (UTR)?
The unique tax reference is a 10 digit number supplied to you by HMRC. We require this number from you if you are already set up for self assessment as HMRC use it to identify your records.
If you do not have a UTR, we can help apply to set you up.
11. What is a Tax Refund?
A tax refund is a refund of the tax overpaid by an individual. HM Revenue and Customs will refund overpaid income tax but they need to be claimed. A tax refund isn't automatically alerted to you by Revenue & Customs
12. Why am I entitled to a Tax Refund?
1 in 3 people in the UK are eligible for a tax refund and may not be aware of it. There are many situations where a refund is possible from overpayment to claiming tax on expenses.
13. Can anyone get a Tax Refund?
Anyone can reclaim tax as long as there has been some form over overpayment.
14. How do I apply for a Tax Refund?
We can investigate and claim tax refunds for you for up to the last 6 tax years.
15. How much will my Tax Refund be??
Our average tax refund claim is around £850 per claim (spanning 6 years).
We have provided fast, simple calculators that will give you an instant estimate of what you can expect
Use our tax calculator today!
16. Is there a time limit for my Tax Refund claim?
You can tax refunds for each of the last 6 tax years. We will need documents relating to each employment, but if you don't have these available to you, TaxPenny will investigate and obtain copies for you.
17. When will my Tax Refund be processed?
Usually between 4 and 6 weeks from starting your claim with TaxPenny to receiving your tax refund into your bank account.
18. I'm leaving the country, How do I claim my tax back?
We can take care of this for you, however the process is slightly different. Please contact us if you wish to reclaim tax due to leaving the UK
19. Will I need to complete a Tax Return?
Unless you have had additional income to your normal PAYE employment, or made some form of capital gain, you will not be required to complete a tax return. Remember, if you do need to complete a tax return we can help.
20. How can taxpenny help with my tax refund?
TaxPenny provide you with a fast, stress-free way to get your overpaid tax back. We provide you with an online calculator to help you find out how much you can claim.
You can apply to start your claim online in less than 60 seconds. Our advisers investigate the last 6 years of your employment and maximise expenses where possible.
Missing paperwork can be sourced by TaxPenny for you if possible. Our fees are just 20% + VAT and if no refund can be secured, there is no fee!
21. What are your fees?
Our fees are just 20% + VAT and if no refund can be secured, there is no fee!