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Other Income & Child Benefit Charge

It's not just the self employed who need to complete Self Assessment returns.

Income Tax is generally taken from your wages or pension income before it reaches you. But some income isn't taxed at source, like profits from selling shares or property.

Self Assessment is how HMRC collect tax from people and businesses with these types of income.

If you've received income which hasn't been taxed, hasn't been taxed correctly or has exceeded tax-free allowances, then it's likely you will need to complete a tax return.

Others, such as Company Directors, High Earners and High Earners claiming Child Benefit, also need to submit Self Assessments to HMRC.

The UK tax year runs from 6 April to 5 April each year.

As well as the Self Employed, you need to submit a Return if, in the last tax year:

  • You were a Company Director unless it was for a non profit (like a charity) and you didn't receive any pay or benefits.

  • Your total taxable income was over £100,000

  • You earned over £2,500 in untaxed income for example from renting out property, or from tips or commissions.

  • You earned more than £10,000 before tax from savings, investments or dividends from shares or if your income from dividends from shares was over your dividend allowance.

  • You made a profit from selling chargeable assets such as shares or a second home, and you need to pay Capital Gains Tax.

  • You or your Partner claimed Child Benefit and one (or both) of you earned over £50,000

  • You are a higher rate tax payer and you make personal pension contributions

  • 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.

  • You lived abroad and received income from the UK.

  • You had income from abroad which you need to pay tax on.

  • You didn't pay enough tax last year and HMRC sent you a P800 notice.

  • You were a trustee of a trust or registered pension scheme.

You also need to send a tax return if you:

  • Need to prove you are self employed for example to claim Tax-Free Childcare.

  • Want to make voluntary Class 2 National Insurance payments to help you qualify for benefits.

  • Are a religious minister or Lloyds Underwriter.

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Check using the HMRC tool

Run through the questions in this free HMRC tool to check if you need to fill in a Self Assessment Tax Return.

Just click the link below to get started.

Go to HMRC website
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