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Do you need to complete a Self Assessment Tax Return?

Knowing whether or not you need to complete a Self Assessment Tax Return can be tricky.

Most likely, if you are due to complete a Self Assessment Tax Return, you will have received a letter in April from HM Revenue & Customs (HMRC). With the penalties for late submissions being rather severe, it is vital that you understand whether or not you need to send a tax return. The next important deadline for submitting your tax return is the 31st of January, so talk to us before then to ensure that you complete it correctly.

You must complete a tax return if:

  • You are self-employed
  • You are a company director
  • You are a director of a non-profit organisation and you receive payment or benefits
  • You have Capital Gains Tax to pay
  • You are employed and want to claim expenses of £2,500 or more
  • You are a trustee or personal representative (including someone who manages the tax affairs of a deceased person)
  • You are a trustee of certain pension schemes

You will also need to complete a tax return if you receive an income

  • of £100,000 or more
  • of £10,000 or more from taxed savings and investments
  • of £2,500 or more from untaxed savings and investments
  • of £10,000 or more from property (before deducting allowable expenses)
  • of £2,500 or more from property (after deducting allowable expenses)

Or if you receive an income

  • from overseas that is liable to UK tax
  • from trusts, settlements and estates

If you don’t pay tax through a PAYE code you’ll need to complete a tax return if all of the following apply:

  • You have income to declare, for example income from savings, trusts or abroad, rental income from land or property
  • Your total income exceeds your total allowances and reliefs
  • You have tax to pay on this income

The High Income Child Benefit tax charge (legislation introduced on the 7th January 2013) may mean that you are now required to complete a tax return. You must send off a return if all of the following applies to you:

  • Your income is over £50,000 a year
  • You live with a partner and your income is higher than theirs
  • You or your partner are entitled to receive Child Benefit (or get an equivalent amount from someone who claims Child Benefit for a child who lives with you)
  • You jointly decide to keep receiving Child Benefit and pay the new tax charge

You may also need to complete a tax return if you’re:

  • not resident in the UK
  • not ordinarily a resident in the UK
  • not domiciled in the UK and claim the ‘remittance basis’
  • dual resident of the UK and another country

Tax Agility can help!

The deadline for your tax returns is on the 31st of January, so it’s not too late to get in touch with us if you need a helping hand. We can complete your Self Assessment Tax Return for you and submit it to HMRC 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. In addition to this, we also offer a personal tax return service to residents of Richmond, Putney and Wimbledon.

For more information on how Tax Agility can help you with your self assessment tax returns, call us today on 020 8108 0090.

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