Who is required to complete a UK Self Assessment tax return?
Who is required to complete a UK Self Assessment tax return?
Who is required to complete a UK Self Assessment tax return?
Who is required to complete a UK Self Assessment tax return?
HMRC have a set of criteria which sets out the taxpayers they wish to complete a self assessment tax return.
receiving property income of £1,000 or more in a tax year
receiving self-employment income of greater than £1,000 in a tax year
you are a partner in a UK Partnership business
you are a company director receiving taxable income which is not taxed via PAYE
you want to claim tax relief on employment expenses over £2,500 in a year
you have capital gains tax to pay
you receive income from a trust or settlement
you have foreign income on which UK tax is due
you are non-resident, and you have taxable income in the UK
you have income from taxable savings and investments of £10,000 or more before tax
you have total taxable income of £150,000 or more before tax
you have total taxable income of £150,000 or more before tax
It is also important to understand your legal obligations relating to self assessment to avoid penalties and interest. If HMRC have asked you to file a tax return, you will be charged penalties if you do not submit one by the deadline.
