Tax Return FAQs

FAQ's

Here is a collection of some of the most commonly asked questions in relation to Tax Returns. 

If you have any questions which our Tax Return FAQs are unable to help with please contact us for assistance. 

Will FPS Group complete my personal tax return?

FPS Group takes care of all the end-of-year returns for your company. We do not offer services relating to personal tax returns. 

What is a Self-Assessment tax form?

Self-assessment is a way of working out and paying tax. It's a way in which the UK Government taxes items that can't be accommodated within the PAYE scheme. The most common reasons why employees are required to complete a self-assessment form are that they have received income from less common sources. (i.e. land & property, bank interest not taxed at source, foreign income etc.).

Will I have to complete a Self-Assessment tax form?

Not usually, but there are exceptions. For example, if you:

  • Have received £10,000 or more gross income from savings or investments before tax (including dividends).
  • Were self-employed at any point during the tax year.
  • Were a Director at any point during the tax year.
  • Earn over £100,000 gross income during the tax year (all income).
  • Have been sent one by HMRC.
  • Are claiming £2,500 worth of expenses/subscriptions against tax.

If HMRC sends you a Self Assessment form you must complete it and send it back.

Can I complete my tax return myself?

This is a personal choice. You can complete your self assessment form online through HMRC.

Can I expect to receive a tax bill at the end of the year?

It depends on your personal situation, and if you were being paid on the correct tax code for your individual circumstances. If you have received other sources of income outside of your employment with your company, or if you have claimed expenses that HMRC does not accept, then further tax charges may arise.

Can I expect to receive a tax rebate at the year end?

You would only receive a tax rebate if you have not been employed for the full year, or if you have been paying tax on the wrong tax code.

What happens if I don't complete a Self-Assessment?

You could be liable to penalties and interest.

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