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Harries Watkins Jones are a Bridgend and Pontypridd (South Wales) based firm of Chartered Accountants, tax and business advisers. They pride themselves in providing high levels of service. With each and every new client, they never assume their requirements but seek to tailor their services to their individual needs.Their goal is to build a strong and sustainable working business relationship with each client and to offer them real solutions to their business problems.

To find out more please visit their website.

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Sunday, 19 December 2010

What are Self-assessment tax returns?

These are tax returns issued by HM Revenue & Customs (HMRC) for completion by UK tax payers. The regime was introduced in 1997, with the idea of simplifying the UK tax system and it is certainly debatable if this has been achieved!

Who needs to file a return?

For the majority of UK individuals their income is taxed at source, such as employment income which is taxed under the PAYE system. Therefore, most people will not normally need to file a Self-assessment tax return. However, if there is any income or gains that is either untaxed or there is additional tax due, then it is the individuals responsibility to notify HMRC. Usually in all circumstances if HMRC issue a Self-assessment tax return then it must be completed and filed. Below are a number of examples where there is normally a requirement to file a tax return (please note that this list is not intended to be comprehensive):

Thursday, 2 December 2010

December's Tax Tips & News

To December's Tax Tips and News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

Following the Autumn Statement, we thought this would be a good time to also remind you of the main tax changes to come in 2011/12. Plus a very topical Christmas tax article!

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.