Self Assessment Tax Returns
As we head into October people are starting to ask many questions about filing a tax return. If you are unsure whether you need to file a self-assessment form, then below are the different points you need to consider.
The first thing to know is that our advisers here at FLM are always happy to help, whether you have a simple question about filing your tax return or would like to sit down with one of our experts in tax planning - we are just a phone call away. To make your life even easier, if we can't save you our fee in tax in your first year, we won't charge you for the work we do.
Do I need to file a self-assessment tax return?
Many people in the UK will work through an employer, meaning that they are likely to pay all of their tax through Pay As You Earn (PAYE) and may not be required to file a tax return. To check this, you can either ask your employer or look on your payslip where it will state clearly that you are paying PAYE tax.
However, you will need to file a tax return if one or more of the following apply to you:
Your salary is above £100,000, even if you are paying tax at source
Your income from self-employment was more than £1,000 - this is your ‘trading allowance’
You received more than £2,500 from renting out property*
You received more than £2,500 in other untaxed income
Your income from savings or investments was £10,000 or more before tax including trust income from a Bare or Interest in Possession trust*
You received income (or are treated as receiving income) on which tax is still due from a trust, settlement or estate
Your income from dividends from shares was £10,000 or more before tax*
You made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
You were a company director
You or your partner claimed child benefit and your earnings are over £50,000
You had income from abroad that you needed to pay tax on
You lived abroad and had a UK income
*You must tell HMRC if you had more than £2,000 income from share dividends or between £1,000 and £2,500 in any other untaxed income, such as tips, commission or money from renting out a property - You do not need to send a return for this you can either go online and tell them or call them.
A full list can be found on the government website by following this link:
Important dates to remember
Below are the key dates that you need to remember if you’re filling out a self-assessment form.
31 October 2019 (midnight)
Deadline for paper self-assessment returns for 2018/19 tax year.
30 December 2019
Deadline for online submission of self-assessment tax returns for year ending 5 April 2019 for HMRC to collect tax through PAYE tax codes where they owe less than £3,000.
31 January 2020 (midnight)
Deadline for online self-assessment tax returns for 2018/19 tax year.
31 January 2020 (midnight)
Deadline for paying tax bill for tax year ending 5 April 2018/19.
5 April 2020
End of tax year 2019/20.
If this is the first time that you are filling out your tax return you will need to register with HMRC in advance of the deadline. You can do this on the government website, or we can do this process for you.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
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