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
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 […]
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 […]