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Topic: "Filing" UK Taxes  (Read 569 times)

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"Filing" UK Taxes
« on: April 04, 2010, 01:16:28 PM »
Silly question... ignoring the "filing US Taxes" part of tax filing...

How do you file UK Taxes?
Is it much less of a fuss for UK people?
Assuming all you have in your income from one employer, it seems that there isnt much or anything at all at UK people need to do to tidy up their taxes for the year.
I know if they contract or have several incomes or capital gains etc then there may be some more work to be done.  But I've asked some people where their situation is as simple as their single employer's income and they have no concept about 'filing your taxes' and completing a bunch of complicated forms.  Is that the case?


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Re: "Filing" UK Taxes
« Reply #1 on: April 04, 2010, 01:18:42 PM »
This link probably answers your question or at least directs you to the right part of the HRMC website for your answer

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/SelfAssessmentYourTaxReturn/DG_4017116


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Re: "Filing" UK Taxes
« Reply #2 on: April 04, 2010, 02:23:23 PM »
If you are employed by a UK company and your tax is calculated/deducted from your payslip via PAYE, then it's unlikely you'll need to do anything at all (I've been working in the UK since I was 13 and I've never had to file taxes). As long as you're on the correct tax code, then your taxes should be correct for the year (I was on the BR code for a while after graduating from uni, but I just gave the tax office a call when I realised it was wrong - they changed the code immediately and I got a refund cheque in the post a couple of weeks later) :).

If you are self-employed or meet other certain criteria (i.e. you have overseas income, you earn over £100,000 a year, you get other income from investments or property etc.) you will need to file a tax return (see mapleleafgirl72's link above for the criteria). From what I understand of the process, it is pretty straightforward though, nowhere near as difficult or confusing as US taxes (my dad is self-employed and has to complete a tax return each year).



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Re: "Filing" UK Taxes
« Reply #3 on: April 04, 2010, 02:24:12 PM »
But I've asked some people where their situation is as simple as their single employer's income and they have no concept about 'filing your taxes' and completing a bunch of complicated forms.  Is that the case?

Pretty much yes.  The vast majority of British people never have to 'file' their taxes.  As you say, if you have one employer, PAYE and don't have any odd investments or high income then you file no taxes - simples.


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Re: "Filing" UK Taxes
« Reply #4 on: April 04, 2010, 06:28:03 PM »
But ... if you have non-UK income or gains (including money held in an IRA or 401(k)) you may need to file.


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