SELF ASSESSMENT TAX RETURNS
SELF ASSESSMENT TAX EMPLOYED PERSONS
The tax year runs from 6th April to 5th April in the next year and it’s important for employed people to send a self-assessment tax return if they meet the essential criteria.
WHO NEEDS TO FILE SELF ASSESSMENT TAX RETURN
- Anyone who was self employed at any point between those two dates and earning mere than £100K (allowable expenses can be deducted)
- Anyone who earned more than £2.500 in un taxed income
- Anyone who rented out a property
- Anyone earning more than £10,000 from investments or savings
- Anyone whose income from share dividends was over £10,000
- Anyone who made a profit from selling a second home, share or other chargeable assets and who have to pay capital gains tax
- Anyone who was a company director
- Anyone who had an income of over £50,000 and claimed child benefit
- Anyone who has income from overseas
- Anyone who lived overseas but had an income in the UK
- Anyone who was a trustee of a registered pension scheme
- Anyone with a state pension over their personal allowance total
Advice for Self Assessment Tax Returns Employed Persons
Some people receive a letter from HMRC asking them to submit a return however they may not be required to. HMRC must therefore be informed by post, phone or online. Without informing HMRC a penalty may be charged. If you complete your self-assessment tax return you can claim money from HMRC for any donations you made to charities, any private pension contributions and any work expenses over £2500. You must register for self-assessment if you did not submit a tax return in the previous tax year. However there are different ways in which you register depending on your status. Here at The Accountancy Solutions we can ensure that your self-assessment tax return is completed correctly and that your submission is made in a timely manner so that you will not face a penalty.