HMRC clarifies some common myths about Self Assessment tax returns.
Myth 1: “HMRC hasn’t been in touch, so I don’t need to file a tax return.”
Myth 2: “I have to pay the tax at the same time as filing my return.”
Myth 3: “I don’t owe any tax, so I don’t need to file a return.”
Myth 4: “HMRC will take me out of Self Assessment if I no longer need to file a return.”
Myth 5: “HMRC has launched a crackdown on people selling their possessions online and now I will have to file a Self Assessment return and pay tax on the items I sold after clearing out the attic.”
It is worth reading the full article: here
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