In this week’s episode of ‘l Hate Numbers’ I am looking at Personal tax returns. More specifically the personal tax returns you need to complete in the United Kingdom.
Every year the tax office, shorthand HMRC want individual taxpayers to tell them what’s been going. The principle is called self-assessment, where you tell HMRC what your income and gains, and calculate the tax owing or to be repaid. As a heads up, HMRC accepting your tax return doesn’t mean they agree with it.
In the United Kingdom the tax year for individuals is between the 6th of April and the following 5th of April, and we’ve got the Catholic church and Julius Caesar to blame for that. Find out why, listen.
What goes into your tax return?
Your tax return will include details of your income. Typically, salaries, income from property, self-employment income and pensions. It will also include details of capital transactions. So, if you’ve sold an investment property or the family antiques.
One date to understand is the income tax year. This doesn’t run on calendar years, but between 6th April and the following 5th April. Julius Caesar and the Catholic church are part of the reason, listen to find out more
Deadlines, payment dates, and getting an interest free loan via PAYE make an appearance in this episode.
Who needs to complete a personal tax return?
There are an estimated 12 million personal tax returns that need to be completed for 2019-20, that’s an estimated 30% of the UK adult population.
Listen to the podcast to see if you’re one of the 30%
Paying the tax
You’ve finished your tax return, and instead of a refund you see that you have money to pay. When should you do if you don’t have it?
I share my tips, spoiler alert, it involves ostriches and duvets.
Well, folks, that’s a wrap. I hope you got some value from this podcast. I’d love it. If you could subscribe, tell your friends, your associates, your colleagues, about what a wonderful show this says until next week, have a great week.
Grab a coffee, make yourself comfortable, sit back and listen.
I love doing this podcast and sharing my love of Numbers with you. Contact us if you want to find out more.
In this episode
- Understanding who must complete a personal tax return
- Knowing what goes into a personal tax return
- Finding out the key dates in the tax return calendar
- What to do if you haven’t got the money to pay your tax bill
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive