Do I need to complete a self-assessment tax return?

I have heard that the deadline for completing a self-assessment tax return is 31st January, but I am not sure whether I need to complete one?

1st January 2020

You will need to prepare and submit a self-assessment tax return for the 2018-19 financial year if you:

•             Earned over £2,500 from letting property (after deducting allowable expenses)*

•             Received more than £10,000 in rental income (before deducting allowable expenses)

•             Or your partner received Child Benefit and either of you had an annual income of more than £50,000

•             Receive more than £2,500 in untaxed income e.g. commission or tips*

•             Are self-employed sole trader and earned over £1,000

•             Are a partner of a business partnership

•             Receive over £10,000 in dividends*

•             Earn over £10,000 from savings and investments *

•             Are an employee claiming expenses worth over £2,500

•             Have an annual income over £100,000

•             Earn income from overseas that is liable for tax

This list is not exhaustive, but it will hopefully give you an idea of the sort of things that can trigger the need for a tax return.

If you are having to complete a self-assessment tax return for the first time and don’t know where to start, we can help.

We offer a comprehensive service for a fixed, competitive price. To arrange a free initial consultation on self-assessment ahead of the 31st January 2020 deadline, call us today on 01823 218 258 or drop us a line using our online enquiry form.

* If you earn less than these limits, you may not need to complete a tax return to report your income. However, the income is still likely to be subject to tax so you should contact HMRC so that they can decide how best to collect the tax due. 

 

By Samantha Skyring FCCA

Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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