Do I need to complete a Self-Assessment tax return?

Feb 3, 2021 | News

It’s possibly the most common initial discussion with a new client – I’m not sure if I need to complete a tax return. How will I know if I do? Well this depends on your circumstances. You must complete a Self-Assessment tax return if you fit into any of the following  categories:

  • You’ve earned more than £2,500 from renting out property.
  • You’ve received, or your partner has received, child benefit and either of you had an annual income of more than £50,000.
  • You’ve received more than £2,500 in other untaxed income; for example, from tips or commission.
  • You are a self-employed sole trader with an annual turnover of over £1,000.
  • You are an employee claiming expenses in excess of £2,500.
  • You have an annual income of over £100,000.
  • You have income from abroad that you need to pay tax on.

Why not speak with an adviser today for help if you’re still unsure over any aspect of your UK taxation?

DISCLAIMER – PLEASE NOTE: The news and ideas shared with you are intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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