Self Assessment
Barrie Bookkeeping and Payroll Solutions, aim to help and ease the stress of completing your annual tax return, on time, everytime. Some people are unsure if they have to complete a self assessment return. Below is a brief outline to help you decide if you need to complete a tax return. If you are still unsure, please give us a call on 01592 756713 or eMail on ross@barriebookkeeping.co.uk
Who needs to complete a tax return?
The most common reasons for needing to fill in a tax return are listed below.
If HM Revenue & Customs (HMRC) asks you to complete a tax return for any other reason (this will normally to be to make sure that you're paying the right tax and getting the right allowances) you must always do so.
You're self-employed
If you're self-employed (including being a member of a partnership) you always have to complete a return.
Company directors, ministers, Lloyd's names or members
You must complete a return if you're any of the following:
- a company director (unless you're a director of a non-profit organisation, for example a charity, and don't receive any payments or benefits)
- a minister of religion (any faith)
- a name or member of Lloyd's
Income above a certain level from savings, investment or property
If you don't already complete a tax return, you'll need to do so if you receive any of the following:
- £10,000 or more income from savings and investments
- £2,500 or more income from untaxed savings and investments
- £10,000 or more income from property (before deducting allowable expenses)
- £2,500 or more income from property (after deducting allowable expenses)
- annual trust or settlement income on which tax is still due (even if you’re only treated as receiving this income)
- income from the estate of a deceased person on which tax is still due
