Beat the taxman: How to fill out your self-assessment tax return online, claim expenses and the allowances you need to …

This article breaks down how to submit a self-assessment tax return online and warns of the penalties for not doing so on time. It gives readers a link for where to go to fill out the tax return online. There are multiple sections that the article discusses that may need to be filled in depending on a person’s particular situation. These sections include income and expenses, annual investment allowance, foreign earnings, property, dividend tax, capital gains tax, child benefit charge, gift aid tax relief, pension income, student loans, and married couple’s tax relief. Once the form is complete it can be submitted.

Key Takeaways:

  • Reportable income includes not only earnings, but almost all monies (like rents received, dividends, and interest), “benefits in kind”, like a company car, and sometimes foreign earnings.
  • Mortgage interest tax relief is being phased out over the next four years, so arrange to claim it now if you can.
  • File! There are steep fines for those who are required to file and do not do so!

“The whole breadth of expenses is massive and there are differences depending on whether you are employed or self-employed. HMRC publishes a business income manual online which, while reasonably technical, is fairly easy to navigate and which may prove helpful.”

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