If you are not sure whether you actually need to complete a self assessment tax return, here are some key factors that will help you.
You must complete a self assessment tax return if in the last tax year:
- you were self-employed
- you got £2,500 or more in untaxed income, for example from renting out property
- your savings or investment income was £10,000 or more before deducting tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was a non-profit organisation such as a charity and you didn’t get any pay or benefits, like a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from aborad that you needed to pay tax on
- you lived abroad and had a UK income
- you received dividends from shares and you are a higher rate taxpayer
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
If any of the above apply to you, and you have not yet taken any action, we are here to help you. Please contact us as soon as you can so that we can work together to get your affairs in order
If any of the above requires more detailed explanation, please do not hesitate to contact us.
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