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Self-Assessment Tax returns

About eight million people have to complete a tax return each year.  Many people now “do it online” to get the extra time to 31 January to complete it.  But despite HMRC’s PR campaign few people consider the online process is simple. Many find it stressful to do and then worry whether they have done it right.

For a simple fixed fee we offer peace of mind, save your time, and often save you tax; if you have refurbished a buy-to-let property do you know what costs you can and can’t claim? If you have sold an investment do you know which reliefs you can claim to reduce your capital gains tax?

The catch-all requirement to complete a tax return is if you have any tax to pay that cannot be (or isn’t) collected through your PAYE code. This includes any untaxed savings, investments or property income even if it is below the £2,500 threshold mentioned below.  It also includes when the state pension is greater than the personal allowance.

A tax return is always required if:                                     HMRC – Do you need to complete a tax return?

  • You are self-employed including a member of a partnership
  • You are a company director
  • You have annual income of £100,000 or more
  • You or your partner receive Child Benefit and your income is over £50,000
  • You have income from savings and investments of £10,000 or more
  • You have income from untaxed savings and investments of £2,500 or more (excluding ISA’s)
  • You have income from property of £10,000 or more before deducting allowable expenses or £2,500 or more after deducting allowable expenses
  • You have any income from overseas (over £300) e.g. from a foreign holiday home, bank account or investment
  • You are employed and need to claim expenses of £2,500 or more
  • You have Capital Gains Tax to pay
  • You’ve lived or worked abroad or aren’t domiciled in the UK
  • You have income from trusts, settlements or estates (this doesn’t include straightforward inheritances)
  • You are a minister of any religion
  • You are a name or member of Lloyd’s of London (the insurance underwriters)

You have a legal duty to inform HMRC if you owe tax.

Useful Link: HMRC – Do you need to complete a tax return?