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Hammer2003
Stranger
Joined: 26 Mar 2006
Posts: 5
Cash Points ££ 209.66
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 Posted: Mon Jan 01, 2007 2:06 pm Post subject: Do I need to fill out a tax return? |
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I was fortunate enough to recieve a promotion  in May 2006 which took my annual salary into the higher tax bracket.
I am thinking ahead, but am a little unclear as to whether I need to fill out a tax return?
To paint a general financial picture my salary was roughly £45000 incl back pay.
From this I pay around £3700 a year into my works pension & AVC schemes, which is deducted autmatically from my salary.
I earnt roughly £600 in savings interest and £17 in shares dividends. (This I believe I have only paid the basic rate of tax on?)
Further to this I have paid around £500 in Gift Aid payments and pay £200 a year in professional membership fees, which I believe I can claim tax back on?
As you can see my tax liability would be quite small, so do I have to fill out a full tax return when the time comes around? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Tue Jan 02, 2007 1:32 am Post subject: |
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Hi
It is highly likely that the inland revenue will send you a self assessment form sometime following April 2007 for the Tax year 06/07.
As the inland revenue will need to know about any other income such as bank interest, dividends and any benefits in kind that you receive from your employer which will also need to be declared on the return.
You can do the tax return on line and it is pretty straight forward with the form making the calculations for you, so you know instantly how much extra tax is due or if you are due for a refund. |
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Roberts
Beginning Saver
Joined: 06 Jan 2007
Posts: 25
Cash Points ££ 464.36
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| Posted: Sat Jan 06, 2007 5:55 pm Post subject: |
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I wish I earned enough to fill in a tax return  |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Mon Jan 15, 2007 2:26 am Post subject: |
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Youve got 16 days left to do your tax retrurns guys  |
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Sugarbabe
Beginning Saver
Joined: 19 Jun 2006
Posts: 49
Cash Points ££ 1027.04
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| Posted: Fri Jan 19, 2007 3:25 am Post subject: |
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| I do recommend the online tax self assessment, it really is easy, it takes me little more than 4 hours to complete |
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