It is your responsibility to let HMRC know if you need to complete a tax return and have not done one previously. HMRC guidance says that you will need to submit a tax return if any of the following apply:
- You are self employed (sole trader) and earn more than £1,000.
- You are a partner in a business.
- Income which has not been taxed at source such as dividends, savings and investments.
- You had a total taxable income of more than £150,000.
- You “sold” or “disposed of” something that increased in value meaning you have to pay Capital Gains Tax (CGT).
- Child Benefit Income Tax Charge – receiving child benefit where one person within the household is earning more than £60,000.
- Income from renting out a property.
- Income from overseas (foreign income).
- If you are non-resident but have taxable income in the UK (i.e. Non-resident landlords).
- Made excess pension contributions exceeding your available annual allowance.
- Received income from a trust, settlement or estate on which tax is payable.
You can choose to complete a tax return to:
- Claim some Income Tax reliefs.
- Prove you are self employed.
- Pay Voluntary National Insurance Contributions.
(NOTE: these are not exhaustive lists).
HMRC does have an online checker to help you determine if you need to complete a tax return. Alternatively, we are here to provide guidance on if you are required to submit a return or not.
Key Deadlines
| Tax Year |
06 April to 05 April (the following year)
|
| Registration for Self Assessment | 05 October
|
| Submission of online tax return | Midnight 31 January
|
| Submission of a paper return | Midnight 31 October
|
| First payment on account | Midnight 31 January
|
| Second Payment on account | Midnight 31 July
|
| Balance/final payment for the year | Midnight 31 January (following the end of the tax year. |
HMRC can charge you a penalty for missing any of the above deadlines.
Retaining Records
You should retain your records for six years following the 31 January submission.
Registering with HMRC
Complete Form SA1 and return it to HMRC, who will then issue you with a Unique Taxpayer Reference (UTR) number.
We can Help
As well as assisting you determine if you are required to complete a tax return, we can complete your return, calculate your tax liability / refund, file your return with HMRC and confirm to you any tax to be paid and when.
If you would like further information on how we can help, then please contact us:
Telephone: 01485 54 46 55
Email: [email protected]
Or complete our online enquiry form.