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Do I need to file a self-assessment tax return?


Do I need to file a self-assessment tax return?

There’s a tendency among some of our clients to associate the self-assessment procedure with the self-employed – and there’s nothing wrong with that. After all, there are millions of self-employed people living in the UK, all of which have to submit a paper or digital tax return by law.

What some people don’t realise is that there is a whole of host of other people that must also comply with self-assessment rules. Some have been surprised to find out that they too are obliged to join the yearly rush.

With the deadline for paper returns coming up at the end of October, we thought we’d write a brief post to help you work out whether you need to file.

Who needs to file a personal tax return?

You’ll need to file for self-assessment if you answer YES to any of the following questions. During the 2014/15 tax year:

·         Were you self-employed?

·         Did you receive £2,500 or more in untaxed income?

·         Was your pre-tax income from savings and investments £10,000 or more?

·         Were you a company director (this doesn't apply to directors of not for profit organisations)?

·         Did you earn profits from selling assets that are chargeable for capital gains tax? (Think: shares, business assets, personal possessions worth more than £6,000)

·         Was your or your partner’s income over £50,000, and did one of you claim child benefit?

·         Did you earn income exceeding £100,000?

·         Were you living abroad while earning an income from the UK?

·         Did you earn income from abroad that you need to pay tax on?

·         Were you a trustee of a registered pension scheme or trust?

·         Are you a higher or additional rate taxpayer who received dividends from shareholdings? Contact us if this your only reason for submitting a self-assessment tax return.

The self-assessment deadline is approaching

If you’ve chosen to use a paper return you may be fined if you fail to submit it by midnight on 31 October 2015. Online returns are due by midnight on 31 January 2016.

But don’t worry: our accountants can take the weight off your shoulders by handling the entire process for you. Or if you just need some advice, pick up the phone speak to one of our advisers. We’re always happy to help.

Contact us on 01628 631 056 or email joyc@knightandcompany.co.uk to find out how our self-assessment service can help you.