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tax return

If you need to submit a Self-Assessment Tax Return (SATR) it’s imperative you get it in on time and free of any mistakes.

There are penalties for not submitting your tax return on time and you may have to pay a fine if HMRC deem you have not taken enough care in completing it.

With regard to the deadlines, paper tax returns need to be filed with HMRC by 31 October and tax returns submitted online by 31 January. So, if you complete your tax return online, you get a few extra months.

This article explains how to get started with your tax return, and how to avoid common mistakes that people make on their self assessment tax return.
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To help small business owners and company directors stay up to date with all the various tax rates, thresholds and allowances that might be needed for tax calculations, here is ByteStart’s summary of the main tax rates, tax bands, and tax allowances for the tax year from 6 April 2015 to 5 April 2016.
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It’s okay to have a hangover on New Year’s Day but don’t let the suffering continue into the year. January 31st has always been a key date in the small business calendar – it marks the deadline for submitting online tax returns.
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We’re into December, which means there’s less than 2 months left until all self-assessment tax returns must be safely with HMRC, warns Emily Coltman ACA, Chief Accountant at FreeAgent.
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If you become self-employed or a director of a limited company, you will need to complete a self assessment tax return every year.

The first step is to register with HMRC. It’s best to do this as soon as you start your business, but at the very latest, you must register by 5 October of the end of the tax year for which you need to complete a tax return.
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Most normal ’employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income. If you receive income which is not taxed at source, or have complex tax affairs, you do need to complete a tax return.
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Whether you’re filing your self assessment return online, or if you’re sticking with the paper return, you can save yourself a lot of hassle by getting prepared in advance.If you follow these tips, you’ll save yourself countless trips to your filing cabinet, and hopefully save a great deal of time.
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Most normal ’employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income.

When you start a business, you will join the ranks of those that fall under the self assessment tax regime.
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