The return form must be filled in for the HM Revenue and Customs with the details of your earnings. From the assessment form you fill out, the portion of tax you are obligated to pay is ascertained.
If you do not fill in your due tax returns properly or on time, you will have a £100 penalty to pay. Those who usually fill in return using the Internet are notified of the due return date. On the off chance that a citizen is not notified to pay but has tax due for payment then they must advise HMRC accordingly.
An assessment is required to be filled in for more than one reason, at times to check if the rightful sum of tax has been deposited with the government. You should fill it in and send your assessment form back regardless of the fact that you’re aware that there are no additional taxes to pay.
An assessment form is a record documented with HMRC that announces a citizens obligation for has been paid in full, based on your annual income. Three results are conceivable from documenting an assessment form:
- Either the citizen has been charged in excess against their income;
- The citizen has been charged too little of their annual earnings;
- Or they have been charged the right sum.