A self Assessment Tax Return is a statutory requirement for all Higher Rate Tax Payers in the UK.
If your combined sources of income exceed the tax free allowance plus the 20% tax rate band then all of your additional income above this point will be subject to tax at 40%. The majority of this income will be earned through employment and the correct (mostly) amount of tax deducted through your PAYE tax code. However, there are complications regarding additional income or certain benefits in kind supplied by your employer. Taxed and untaxed interest from savings also need to be taken into account, as does dividend income.
If a full list of potential additional income sources were to be complied by us here it would be long and boring, suffice to say if you are one of the many Higher Rate Tax Payers in the UK, you will need to submit a Self Assessment Tax Return each year.
We can take the strain and stress out of this by offering our PAYE Tax Return Service for Higher Rate Tax Payers for just £75 per return completed and submitted.
Just complete the instant quote tool at the top of the page and we will be in touch.
Also more information can be found in our Tax Return Guide