An estimated assessment is a tax assessment raised by HM Revenue based on estimated profits or income of a taxpayer, often derived from the previous period's assessment.
The pay and file system was a former procedure for paying corporation tax in the UK, introduced for accounting periods ending after 30 September 1993. It required companies to file a detailed return within twelve months of the end of the accounting period.
A system that enables taxpayers to assess their own income tax and capital gains tax liabilities for the year. Since 1996-97, self-assessment has become a significant component of the UK tax return system, encapsulating details on taxable income, chargeable gains, and claims for personal allowances.
A scheme for the self-assessment of tax by companies introduced in the UK for all companies with an accounting period ending after 1 July 1999. This includes the timely submission of tax returns and payment of tax liabilities.
A tax return is an annual statement of income and personal circumstances filed by a taxpayer to calculate and report individual tax liabilities and claim personal allowances.
