A few people are lucky enough not to have the burden of completing a Self Assessment tax form every year. The Taxman may still keep an eye on you now and then to make sure you are paying the right amount of tax. He will do this by asking you to complete a form called 810.
The taxman may issue form 810 every three years. on some ocassions he may issue it more frequently. If you are issued this form, there is no penalty for not filling the form. However, if more tax is due to the Taxman you may end up with interset to pay plus penalties for late payment. By not completing the form you could lose tax refund that may be due to you. So it is good practice to keep HMRC informed of change in your income. Where you do not complete the annual Self Assement form, form 810 is a good way to keep the taxman informed.
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If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.