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How to complete your PAYE Income Tax Return

How to complete your PAYE Income Tax Return. This presentation will assist you in completing your Income Tax Return Please note that these are guidelines only and are not to be considered either a substitute nor an alternative to the Act. Completing Your Tax Return Cont.

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How to complete your PAYE Income Tax Return

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  1. How to complete your PAYE Income Tax Return This presentation will assist you in completing your Income Tax Return Please note that these are guidelines only and are not to be considered either a substitute nor an alternative to the Act

  2. Completing Your Tax Return Cont... • Important – The Tax Return MUST be submitted by no later than the 30th November 2013 • You are therefore encouraged to submit this as soon as possible • It is recommended that you read the notes situated at the front page of your Return. These will assist you in completing your return

  3. Completing Your Tax Return Cont... • In this section you are required to state all your income for the previous tax year • Refer to the notes on the front page if you are unsure on how to complete the section. Keep an eye out for the tags throughout which will provide extra assistance • For your previous years Gross Income you may Request a ‘P7’ form from your employer or you can refer to a June payslip

  4. Completing Your Tax Return Cont... • In this section you are asked to select which tax system you wish to be taxed under. You can choose from ‘ABS’ (Allowance Based System) or ‘GIBS’ (Gross Income Based System or Part 2). • If you are unsure which system is more beneficial you should use the Gross Income Tax Calculator. You can find this on the Government of Gibraltar’s website at www.gibraltar.gov.gi/taxation/1511-gross-income-based-system-calculators-a-application-forms

  5. Completing Your Tax Return Cont... • In section three you are required to claim all relevant allowances for the current tax year. To enable us to implement an allowance for the first time, documentary evidence should be attached. • If there are any variations on Life Insurances, Retirement Annuity Contracts, Personal Pension Schemes or Occupational Pension Schemes this must be reflected in this section. Documentary evidence must also be attached. • Mortgage interest letters for the previous tax year should always be attached with your tax return. • Please note that if you have selected the ‘GIBS’ system it is still beneficial to complete this section as thoroughly as possible as this may assist you during assessment time. • Any changes without any attached documentary evidence will not be implemented. Furthermore, any allowances which have not been claimed will also be removed.

  6. Completing Your Tax Return Cont... • Remember to complete the last page and sign the form • Any forms which have not been signed by ‘Self’ or ‘Spouse’ (if applicable) will be rejected and returned to its original address • For further information please visit : www.gibraltar.gov.gi/taxation

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