Who should submit a Self-Assessment ?
There are a number of reasons why a taxpayer should complete a Self Assessment return. This includes, if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.
Taxpayers that need to complete a Self Assessment return for the first time, 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 Self Assessment return needs to be filed.
In certain circumstances HMRC also asks taxpayers to complete tax returns. HMRC has an online tool that can help taxpayers ascertain whether they are required to submit a self assessment return. HMRC publishes a list of taxpayers who would usually be required to submit a Self Assessment return.
The list includes:
Taxpayers who had £2,500 or more in untaxed income
Those with savings or investment income of £10,000 or more before tax
Taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
Company directors – 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
Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit
Taxpayers who had income from abroad that they needed to pay tax on
Taxpayers who lived abroad and had a UK income
Those whose income was over £100,000.
Posted by Cassey Nixon on
3rd December 2018
Tax Implications for Construction Industry
If you run a construction business and secure the services of sub-contractors, or if you are a sub-contractor, you will need to comply with a special set of tax rules known as the Construction Industry Scheme (CIS). The CIS rules determine the tax and National Insurance treatment for those working in the construction industry. Under […]
What Is a Joint Venture?
A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a specific project. HMRC makes the point that on close examination of these associations prove to be partnerships, […]