Special assessment bond

 

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Special assessment bond

A municipal bond with interest paid by the taxes of the community benefiting from the bond-funded project.



Special assessment bond

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Self assessment

Self assessment

From April 1996 all taxpayers in the UK were obliged by law to maintain records of their income of all types and capital gains so as to enable annual tax returns to be completed. This is known as Self Assessment. In April each year the Inland Revenue sends out almost nine million self assessment forms to taxpayers.You need to complete a form if you are self employed, a business partner, a company director, or your tax affairs are ' complicated' by any of the following:you have capital gains of over 7,900 in the 2003-2004 tax yearyou pay income tax at 40 per centyou received income from more than one sourceyou received a lump sum or compensation payment from your employeryou lived abroad for all or part of the tax yearyou want to claim complicated pension contribution reliefs or tax reliefyou are involved in one of the more sophisticated investments such as enterprise investment schemes or venture capital trustsIf you are unsure of your position or have any problems with the forms, your local tax office will help. Alternatively you can phone the Inland Revenue's helpline on 0845 9000 444 open weekday evenings and at weekends.The key dates for self assessment are:April 2003. Inland Revenue issues self assessment tax returns for the year ended April 5 2003 issued.July 31 2003: Pay second instalment for year ended April 5 2002.September 30 2003: File your return for the year ended April 5 2003 if you want the Revenue to calculate your tax liability.October 5 2003: Ask the Revenue for a tax return if you owe tax for the year ended April 5 2003 but have not received a form.January 31 2004: Final date to file your 2002-2003 tax return. This must include your own or your accountant's assessment. Pay any outstanding tax assessed for 2001-2002. Pay first instalment for 2002-2003.Penalties apply if you miss any of these payment deadlines!




 
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