Knowing whether you need to complete a Self Assessment Tax Return can be tricky.
If you’re not sure if you need to do one, or not, here’s a little guide.
You must complete a Tax Return if:
- You are a sole trader and the money you receive is more than £1,000
- You are a partner in a business partnership
- You are a company director
- You have Capital Gains Tax to pay
- You are employed and want to claim expenses of £2,500 or more
- You receive income from:
- Overseas that is liable to UK tax
- Trusts, settlements and estates
Even if you pay tax each month through your PAYE code on your salary you may need to complete a Tax Return if you have income of:
- £100,000 or more
- £10,000 or more from taxed savings and investments
- £2,5000 or more from untaxed savings and investments
- £2,500 or more from property income after deducting allowable expenses (or £10,000 or more before expenses)
Or, if the following applies then you are subject to the High Income Child Benefit Charge and must complete a Tax Return:
- Your income is more than £50,000
- You, or someone in your household, claims Child Benefit
- You are the higher earner
We can also complete your Self Assessment Tax Return for you and submit it to HM Revenue and Customs on your behalf, cutting out the stress and worry of having to do it yourself and allowing you to focus on doing the things you love.
For more information, please give us a call on 01905 777600.