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How do self assessment taxpayers in the UK get taxed with regards to the tax yea
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Individuals under self assessment are expected to declare income they make during this financial year i.e. between 6 April to 5 April. Self-employed or untaxed income folk have to sign up with HMRC, pay back taxes and make a tax return. The paper returns, which are to be done on 31 October, and online submissions, which have to be done on 31 January, are the deadlines. These deadlines have to be met or fines may be imposed. You can also have to pay in advance, so to speak, what you will pay in the new year–so called, «payments on account.» Being aware of what is required of you during the tax year will give you the chance to evade last-minute jitters and mistakes.
More info: https://accountinglads.com/uk-tax-year/
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