A Self Assessment tax return isn’t just a way for HMRC to ensure you’re paying the correct level of taxes, it is also an opportunity to claim tax allowances and tax reliefs on any eligible expenses, which could reduce your tax liability. If you’re the director of a limited company, self-employed or have received income during the tax year which hasn’t been taxed at source, you must complete a Self Assessment tax return. However these aren’t the only reasons why you may need to complete an annual Self Assessment return.
Why might you need to complete a tax return?
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If from the 24/25 tax year your annual earnings are over £60k (formerly £50k in the 23/24 tax year) and you or another person in your household was in receipt of child benefit
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If you’ve received any untaxed income under £10,000 which hasn’t been reported to HMRC to be collected via your tax code.
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If you’ve received additional income from a rental property
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If you’ve received additional income from a trade business or family partnership
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If you’ve received untaxed income such as dividends over £10,000
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If you’ve receive capital gains of £3000.
"PayStream have done my Self Assessment returns for several years now, I find it an easy no hassle way to get my return completed and return quickly and efficiently."
Colin - Limited Company Contractor