Get that tax return out of the way

Get that tax return out of the way

13 November 2015

It is the dreaded time of year to get around to completing your self-assessment tax return.

Tax Return Deadline

 Online tax returns should be submitted before the midnight 31st January 2016.

This is also the date any outstanding taxes need to be paid.

The deadline for paper tax returns was 31st October 2015.

Instead of putting it off and having the constant worry about it needing it doing contact Umbrella.co.uk today and we can help you get it completed within the next 2 working days.

Who has to do a Tax Return?

If between 6th April 2014 and 5th April 2015 any of the following apply:

  • you were self-employed
  • you received £2,500 or more in untaxed income
  • your savings or investment income was £10,000 or more before tax
  • you made profits from selling assets and need to pay Capital Gains Tax
  • you were a company director
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you received income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you received dividend income from shares and you’re a higher or additional rate taxpayer  
  • your income was over £100,000
  • you were a trustee of a trust or registered pension scheme

If you worked through an umbrella company and none of the above apply you do not need to submit a tax return as your taxable income has already been subject to PAYE and National insurance.

Normally contractors working through their own limited company need to submit a tax return as they are also a company director.

Tax Return Penalty

If your tax return is 0-3 months late there is a £100 penalty.

This increases for later submissions or if you have underpaid your tax at 31st January 2016.

Stop worrying about your tax return and get it submitted with the help of Umbrella.co.uk. Call 0800 121 6513 or email team@umbrella.co.uk

YOU DO NOT NEED TO BE AN EXISTING CLIENT OF UMBRELLA.