The tax year is from 6 April to 5 April the following year.
You’ll need to send a tax return if, in the last tax year:
- You were self-employed.
- You got £2,500 or more in untaxed income, for example from renting out a property or savings and investments.
- Your savings or investment income was £10,000 or more before tax.
- You made profits from selling things like shares, a second home or other chargeable assetsand need to pay Capital Gains Tax
- You were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car.
- Your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit.
- You had income from abroadthat you needed to pay tax on.
- you lived abroad and had a UK income
- You got dividends from sharesand you’re a higher or additional rate taxpayer.
- Your income was over £100,000.
- You were a trustee of a trust or registered pension scheme.
- you had a P800 from HMRC saying you didn’t pay enough taxlast year – and you didn’t pay what you owe through your tax code or with a voluntary payment
Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters) – you can check whether you need to. You usually won’t need to send a return if your only income is from your wages or pension.
WRITTEN BY FORTUOUS ACCOUNTING
Fortuous content team consists of finance professionals and experts who regularly contributes articles related to the finance and accounting and outsourcing industry.
#accountants
#tax
#taxliability
#taxation
#fortuous
