A tax return is a formal document on which a company or individual reports all of their earnings for the year so that the government can figure out how much tax is due. When a tax return is issued, you are required by law to fill out the item. Otherwise, you will be fined £100.
Anyone who fills out a tax return with the software will receive a notification that the tax return is due. If taxpayers have not received a tax return but have a tax liability, they must notify HMRC which can then issue the return. You can also opt for mobile tax accounting in Werribee and expert tax return agent..
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A tax return is sometimes required for other reasons, such as verifying that taxes have generally been paid correctly. So if a tax return is mailed to you, you should fill it out and send it back, even if you don't think you need to pay any additional taxes.
An SPT is a document filed with HMRC that certifies a taxpayer's obligation to pay taxes based on their annual income. When filing a tax return, there are three possible outcomes: either taxpayers are overcharged or undercharged for their income, or they are charged the correct amount.
Keep in mind that if you file your tax returns on time and don't break the rules, you're unlikely to come to the attention of HMRC investigators.