Do I need to do a tax return is a question we hear a lot, Over 8 million people in the UK do need to complete a self assessment tax return each year.
It is the responsibility of the tax payer to inform HM Revenue and Customs of any change in circumstances or receipts of income that may be liable to personal taxation.
The following are a few common examples of what would trigger the requirement to complete a self assessment return.
- Income above £2,500 from Land or Property (buy to let, holiday let, renting out a second home) It is desirable for you to complete a tax return even if your income is not above the compulsory threshold as you may have losses that can be carried forward to reduce your tax bill in future years.
- If you earn above £100,000
- If you are a Company Director or If you are self employed
- Income from a pension and a salary
- If you become a 40% income tax payer and have savings income
- If you receive income from investments that are not taxed at source
- Income from foreign sources
- Income subject to capital gains tax
And many others that are less frequent, if you meet one of the above criteria it is your responsibility to request a self assessment tax return, it is not the responsibility of HMRC to request one.
Call us to discuss your requirements on 01666 822256 or