Posted November 16, 2016
Who needs to complete a Self Assessment tax return?
The tax year runs from 6 April to 5 April to following year.
You will need to complete a Self Assessment tax return if, in the last tax year any of the following applied to you:
- You were self-employed;
- You received more than £2,500 in untaxed income, for example from renting out a property or savings and investments. You will need to contact HMRC’s helpline if it was less than £2,500;
- Your savings or investment income was £10,000 or more before tax;
- You made a profit on selling something like shares, a second home, or a painting etc;
- You were a company director;
- Your (or your partner’s) income was more than £50,000 and one of you claimed child benefit;
- You received income from abroad that you need to pay tax on;
- You lived abroad and had UK income;
- You received dividends from shares and you are a higher or additional rate tax payer (for tax year 2016/17 if your dividend income is more than £5,000 you will need to complete a tax return if you are a basic rate tax payer);
- Your income was over £100,000; or
- if you have been told to complete a tax return by HMRC
For more information, or help with registering for Self Assessment, please contact us.
The information contained above is provided for information purposes only and is not intended to amount to advice on which reliance should be placed. We therefore disclaim all liability and responsibility arising from any reliance placed on such information. Professional advice should be obtained before taking or refraining from taking any action as a result of the above contents.