Do I have to complete a Self Assessment tax return?

/ Posted By - Bradleys Accountants / Categories - Tax Planning

Editor’s note: This post was originally published on 17 December 2014. It has now been completely revamped and updated for accuracy and comprehensiveness.

You must fill out a self-assessment tax return if you are a company director or work alone as a sole-trader, are a self-employed businessperson, or have a pre-investment income of more than £10,000. You will need to fill a form even if you meet your tax obligations through PAYE but have self-employed income too. There are many other circumstances where you may have to fill out a return – we have listed them below.

As a general rule, HMRC will send you a self-assessment tax return or a notice which legally obligates you to complete a tax return. But the onus is on you to inform HMRC if you think you need to complete a tax return.

    Subscribe to our newsletter

    You must file a self-assessment tax return if in the last tax year (2014-15):

    If you still aren’t sure if you need to file a self-assessment tax return you can use HRMC’s free tool to find out. Once you are sure, you’ll need to register for self-assessment before you can send HMRC a tax return.

    Missing the tax return deadline results in an immediate penalty of £100. As the deadline for paper tax returns (31 October 15) has already passed, you’ll need to file a tax return online by midnight, Friday, January 31, 2016.

    If in doubt, speak to a specialist

    If your tax affairs are complex it will be well worth your money to hire a tax professional to complete your self-assessment tax return rather than risking it yourself. As part of their service they will register, compile and file your self-assessment tax return.

    Related Articles

    New tax year 2017/18 – how your…
    | Tax Planning

    The Spring Budget might have been low-key affair, but tens of tax changes will come into force in April for the … Read more

    Year-end accounts checklist for limited company directors…
    | Tax Planning

    At the end of every year, businesses in the UK must file their annual year-end accounts, also called Statutory Accounts. Bradleys … Read more

    Making Tax Digital: 11 burning questions HMRC…
    | Making Tax Digital, Tax Planning

    We are just over a year away from Making Tax Digital (MTD) becoming a reality for millions of businesses and individuals … Read more

    X

    Subscribe to the newsletter

    Know about latest accountancy updates, company news and business growth tips. Every month, in your inbox

      Subscribe to our newsletter