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Bad Credit Loans - £200- £15,000 Bad Credit Rating Loans. No Credit Checks. Apply OnlineAround nine million of us in the UK receive a tax return from the Inland Revenue each year, and completing them can be a real minefield especially if you are not a particularly financially-minded person. Even if you do not receive a return, it does not necessarily mean that you are off the hook. If for instance you get an income or have made any profit that the Inland Revenue is unaware of, it is up to you to request a tax return.
This page should help you to understand what the tax return is for, why you have received it and also what you need to do if you haven't received it and want your allowances to be adjusted.
If you are an employee and pay your tax through PAYE, your tax should automatically be taken care of and you should not therefore have to fill in a tax return. Despite this there are, as with everything, some exceptions to this rule. If you are an employee and your circumstances fall into any one of the following categories you will be sent a tax return to complete.
1. You are a higher rate tax payer with other income (for example, from savings or investments) that is taxed at the higher rate.
2. You receive additional income alongside your regular work, for instance, through freelance work etc.
3. You are a taxpayer but have untaxed income.
4. Your tax affairs are considered to be complicated and need more thorough analysis, for example if you have a company car.
5. Other than employees, you will automatically be sent a tax return if you are a company director, self-employed or in partnership.
If you have sold any assets, have received some untaxed income or have been charged at a lower rate than you should have been, it is up to you to declare this to the Inland Revenue at least six months prior to the end of the financial year. Equally, if you believe you have been over charged or want to reclaim tax or have adjustments made, this can be addressed any time up to six years after the date the calculation was made, and does not usually involve completing a full tax return.
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