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HMRC self assessment online – A better way
HMRC self assessment online A better way
Know about HMRC
Self Assessment means providing proper information to HMRC about one's income and capital gains and even to claim tax reliefs against income tax by completing an online or tax return. All the direct (paid by the person on money he/she earns or capital gain) and indirect taxes (paid by person on money spent on goods or services) are administered and collected by HMRC. Every person who is earning has to pay some amount as a tax, although the amount differs accordingly. Being employed in UK, employers are responsible for deducting our tax along with our NI contributions under the PAYE system, but if we are self-employed this responsibility shifts to our shoulders. One may need to complete several supplementary pages depending on the circumstances. Deadlines for sending your tax return, penalties and interest charges if it arrives late are also there.
What we need to do with it?
If you are self-employed the first step you must take is to notify HMRC. As it helps people to avoid missing the deadline because it is quicker and a more secure way to provide the information, HMRC self assessment prefers this to be done online. Non availability of enough money required to be paid at the end of the tax year when using self assessment system of tax payment is the thing that concerns people the most. However, using a 'budget plan' is the alternative way out for these people. The Budget Plan is a very flexible way to pay, with an option to pay on monthly or weekly basis and to set an amount which can be changed when one wishes; it allows regular payments throughout the year that are counted towards your end of year bill. A person can choose through pay direct debit. As pay direct debit prevents missed payments and allows you the advantage of doing everything electronically, it is considered to be the easiest option. In truth self assessment is nothing to be concerned about as it actually offers a more convenient way for busy self-employed workers to pay their taxes.
Online HMRC service providers - a beneficial option
In present scenario, where the world is continuously getting more and busier, a simpler and time saving way to send a Self Assessment tax return to HM Revenue & Customs (HMRC) in effective way is through using the online secure service HMRC provides. The long list of benefits to filing online includes automatic calculations, faster processing and later deadlines. Some of major advantages are given below:
safe and secure
fully automatic working of tax
complete return detail stored online
option to pay by Direct Debit
anytime anywhere access
data stored safely and in a simple way
easy monitoring of Self Assessment account' online
faster processing than paper returns
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