Do I need to complete a Self-Assessment Tax Return?
August 30, 2019
A Self-Assessment Tax Return is a summary of your personal income which HMRC use to access your tax liability.
Most individuals pay tax at source and are not required to file a return, however, you will need to complete a return if one or more of the following apply:
- You are Self Employed and earn more than £1,000
- You are a partner in a Partnership business
- You receive more than £1,000 in gross rental income
- You are a company director and earn income that is not taxed under PAYE
- You have annual income of £100,000 or more
- You or your partner receive child benefit and one of you has a total income in excess of £50,000
- You receive untaxed income such as:
- Savings
- Investments
- Dividends
- You receive foreign income
In the UK the tax year runs from 6th April to the following 5th April. Should you be required to complete a return, you will have:
- until 31 October to do so, if you choose to submit a paper tax return;
- or until the following 31 January if you file online.
If you need assistance filing your tax return, get in touch with the Tax File ‘n’ Go team today!
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