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Do I need to complete a self assessment return ?

We often find that people are quite uncertain whether they need to complete a self assessment tax return or not. The summary below is based on the current guidance from HMRC …..

1. You must send a tax return if, in the last tax year from 5th April to following 4th April, you...

  • Had an income of more than £1,000 in total from any form of self employment
  • A partner in business with others

2. You need to send a return if you need to declare any other untaxed income from...

  • renting out a property
  • tips and commissions
  • savings, investments and dividends
  • foreign income
  • if you receive Child benefit and your income (or your partner’s ) was over £50,000 and you need to pay the High Income Child Benefit Charge.

3. You can choose to send a return...

if you need to prove you are self employed (possibly in order to claim tax-free childcare or maternity allowance) or to claim income tax reliefs arising from...

  • pension contributions,
  • donations to charity,
  • maintenance payments or
  • business expenses if you are a sole trader or partner
  • work-related allowances or expenses that you have met from your own money
  • time spent working on a ship outside the UK

The first two sections are mainly so that HMRC can get a picture of your total income from all sources in order to calculate the amount of tax you should be paying. The third section is more for your advantage by enabling you to reduce that tax liability wherever possible by claiming any and all allowances which are applicable to you.

Our Tax Tune Up Service is designed to help you find allowances and claims which you might not be aware of and therefore have not claimed in the past.

If you need or want to submit a self assessment tax return and need advice or help to complete it, contact us now and we will be pleased to help you.




Self Assessment