Not everyone needs to complete a Self-Assessment Tax Return (SATR), but for those who do, it’s not always straightforward. If you need to complete an SATR, HM Revenue & Customs (HMRC) will send you a letter in April each year enclosing an SATR for you to complete. There are penalties for not submitting your Tax […]
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Year End planning: Income Tax
There are numerous matters for taxpayers to consider when reviewing their income tax position, several of which are set out below. Age related allowances The higher personal allowances for 65 and 75-year-olds are subject to an income limit of £24,000 for 2011-12. It may be possible to replace taxable income with tax-exempt income through, for […]