Do I need to file a self-assessment tax return?

If you answer yes to any of the following questions, you will need to file a self-assessment tax return each year:

  1. Are you a company director? [1]
  2. Are you a self-employed sole trader?
  3. Are you a partner in a business partnership?
  4. Do you receive child benefit payments and you or your partner receive net income over £50,000 in a tax year? [2]
  5. Do you have income that is not taxed at source, for example rental income?
  6. Have you disposed of an asset and made a profit that is subject to Capital Gains Tax?

It is your responsibility to register for self-assessment with HMRC - you have the option of completing a tax return online or on paper.  We recommend registering for online filing as the deadline is more generous and the process more streamlined.

If you have not received a paper tax return or a notice to complete an online return and you think you need to complete one you can call the HMRC self-assessment helpline on 0300 200 3310.

There are deadlines for sending your self-assessment tax return to HMRC and paying any money you owe.  If you would like us to complete your self-assessment return for you, please get in touch.

[1] Unless it’s for a non-profit organisation, for example a charity, and you don’t get any pay or benefits, like travel expenses or a company car.

[2] Note that if the net income exceeds £60,000, a charge is made which is equal to the full amount of child benefit received.

Key Dates

The tax year for self-assessment ends on 5 April each year.

2014/15 tax year

Register for Self-Assessment            You should register by 5 October 2015

Paper tax returns                                  31 October 2015

Online tax returns                                31 January 2016

Final payment of any tax due             31 January 2016

Note that there are exceptions to these deadlines – for example if you want HMRC to collect the tax through your tax code.

Annual Personal Allowance

All UK taxpayers are entitled to a personal allowance. For the 2014/15 tax year the main allowance rate is £10,000.

It is deducted from net income, first against non-savings income, then against savings income and lastly against dividend income.

The personal allowance is reduced by £1 for every £2 that adjusted net income exceeds £100,000 and can be reduced to nil.

Annual Capital Gains Tax Allowance

For the 2014/15 this is set at £11,000.  Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.

It’s the gain you make that’s taxed, not the amount of money you receive.


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