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.
HMRC Registered Agent
Greer & Taylor LLP : The Taxation Peolpe are a HMRC registered agent
