Do You Need To Submit A Tax Return?

There are a number of reasons why you may need to register with HMRC to submit a tax return. This could include:

  • if you are self-employed and earning more than £1,000 per year from the self-employed activity,
  • if you are a company director,
  • if you have an annual income over £100,000 and / or if you have certain income from savings, investment or property.

 

And see HMRC’s list of criteria to file set out below.

If you need to complete a tax return for the first time you should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a return needs to be filed. For example, if you had income that necessitated you registering for Self Assessment in the 2018-19 tax year, you need to notify HMRC by 5 October 2019.

HMRC has published a check list of reasons that you may be required to submit a Self Assessment return. The list includes the following:

  • If you are self-employed;
  • If you had £2,500 or more in untaxed income;
  • Have savings or investment income of £10,000 or more before tax;
  • If you have made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax;
  • If you are a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car;
  • If your income (or that of your partner’s) was over £50,000 and one of you claimed Child Benefit;
  • If you had taxable income from abroad;
  • If you lived abroad and had a UK income; or
  • If your income was over £100,000.
  • In certain limited circumstances HMRC can also ask you to complete tax returns for other reasons.

 

Posted by Cassey Nixon on

31st May 2019

Categories

  • Reporting Employee Changes

    There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that you need to make to HMRC every time you pay your employees and must be submitted on or before the usual date you […]

    Andrea L Richards | Accounts Navigator Associates
  • Planning A Christmas Party?

    Now is the time that many businesses are planning their Christmas celebration for their staff, clients and prospective clients. The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the criteria written below, then there is no need to report anything to HMRC […]

    Andrea L Richards | Accounts Navigator Associates Limited