personal tax returns

Tax Returns

Are you one of the following? If so, you may need to file a tax return?

  • You’re self-employed,
  • You’re a company director, minister, Lloyd’s name or member,
  • Your annual income is £100,000 or more,
  • You have income from savings, investment or property (above certain limits),
  • You need to claim expenses or reliefs,
  • You or your partner receive Child Benefit and your income is over £50,000,
  • You get income from overseas,
  • You have income from trusts, settlements and estates,
  • You have Capital Gains Tax to pay,
  • You’ve lived or worked abroad or aren’t domiciled in the UK; or
  • You’re a trustee

Requirements

  • You must register for Self-Assessment with HMRC as soon as you are aware of a need to pay additional tax not collected elsewhere.
  • Submit a Self-Assessment tax return every year (due 31 January if submitted online)
  • Pay Income Tax (and Class 4 National Insurance if self-employed) on the additional profits /gains (due 31 January/July).
  • Register to pay Class 2 NIC contributions if earning above the minimum thresholds (if self-employed).

What we can provide

  • We can advise you the types of expenses you can claim valuable tax relief from – and general tax advice during the year.
  • Complete and submit (following your approval) your self-assessment tax return
  • Advise you of your personal tax liability and when to pay it.
  • If self-employed, we can also provide.
  • We can advise you how much to put aside to pay your personal tax liability.
  • We can advise you on the most appropriate trading structure.
  • Access to our easy-to-use in-house bookkeeping software – to help you keep track of your business’ income and expenditure.
  • We can provide you with an ‘income and expenditure account’ for the relevant tax year.

Tax tip: If HMRC has asked you to complete a tax return and you don’t fit into one of the above categories (or you do not think you need to a tax return), either call the HMRC Self-Assessment Helpline and they will tell you whether you still need to complete a tax return or contact us and we will investigate.

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