Do you need to submit a self-assessment tax return

According to HMRC, you are required to send in a tax return in the last tax year if:

  • you were self-employed – you can deduct allowable expenses
  • you got £2,500 or more in untaxed income, for example from tips or renting out a property
  • your income from savings or investments was £10,000 or more before tax
  • your income from dividends from shares was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • your taxable income was over £100,000
  • you were a trustee of a trust or registered pension scheme
  • you had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary payment
  • your State Pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016

Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters). Usually, you won’t need to send a return if your only income is from your wages or pension.

There are penalties for non-submission of returns, so if you are at all uncertain that you should submit a return, please call, we would be delighted to offer an opinion.

Latest Blog
10
Jul

Save up to 2k a year on childcare costs

Is your child starting school this September? Tax-Free Childcare could save you up to...

Read More
10
Jul

Inheritance Tax proposals spark concern for farming families

Proposed changes to Inheritance Tax (IHT) are causing alarm in the UK farming communi...

Read More
08
Jul

Slowing growth and rising borrowing -what this means for your business

The UK economy is showing signs of fatigue. Figures released at the end of June confi...

Read More
07
Jul

Winter Fuel Payments reinstated

The government has announced the reinstatement of Winter Fuel Payments for pensioners...

Read More