What if I am Self Assessed?
Not everyone needs to complete a self assessment tax return. Most people will pay the correct amount of tax through their earnings with the correct tax code. However, you need to complete a Self assessment tax return if you have more complicated earnings and tax affairs.You must complete an annual return if you are any of the following:
- self employed
- a member of a partnership
- a trustee or personal representative
- a company director, a minister of religion or a name or member of Lloyds
- if your annual income is £100,000 or more
- receiving income from savings or investments of £10,000 or more
- receiving income from untaxed savings and investments of £2,500 or more
- receiving income from property of £2,500 (after deducting allowable expenses) or more
- receiving annual trust or settlement income on which tax is still due
- receiving income on the estate of a deceased person on which tax is still due
- if you receive income from overseas
- if you are not domiciled in the UK
If you currently submit a tax return any adjustments in your tax, including refunds, are dealt with as part of your self assessment tax return.
If you do not currently submit a tax return but you meet one or more of the criteria above, you need to contact the HMRC self assessment helpline as you need to register for self assessment.