Self Assessment
Do I need to complete a Self Assessment Tax Return?
Income Tax is generally taken from your wages or pension income before it reaches you. But some income isn't taxed at source, like self employed earnings or profits from selling shares or property.
Self Assessment is how HMRC collect tax from people and businesses with these types of income.
There are others - like Company Directors or High Earners claiming Child Benefit - who also need to complete a Self Assessment Return.
The UK tax year runs from 6 April to 5 April. You need to submit a Return if, in the last tax year:
You were Self Employed and earned more than £1,000.
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.
Your 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.
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 had income from abroad that you need to pay tax on
You lived abroad and received income from the UK
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’re Self Employed, for example to claim Tax-Free Childcare
Are a religious minister or Lloyds underwriter
Want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
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.
Rather talk to a person?
If you're not sure whether you need to register, or have any other queries, get in touch today.
Our friendly Team will be happy to help!
