You will need to complete a Self Assessment tax return each year if you are self-employed or a partner in a business partnership.
Even if you aren’t in business, you may need to complete a tax return if your tax affairs aren’t straightforward, even if you already pay tax on your earnings through your PAYE (Pay As You Earn) tax code. This guide looks at some of the more common reasons for needing to complete a tax return.
The most common reasons for needing to fill in a tax return are listed below.
If HM Revenue & Customs (HMRC) asks you to complete a tax return for any other reason (this will normally to be to make sure that you are paying the right tax and getting the right allowances) you must always do so.
If you are self-employed (including being a member of a partnership) you always have to complete a tax return.
You must complete a return if you are any of the following:
If you don’t already complete a tax return, you’ll need to do so if you receive any of the following:
You must complete a tax return if you have any foreign income that’s liable to UK tax.
If you receive total income of £100,000 or more you’ll need to complete a tax return. You may have higher or additional rate tax to pay that hasn’t been collected through your tax code.
If you are employed and want to claim for expenses or professional subscriptions above HMRC threshold, you’ll need to complete a tax return. You can just write to HMRC with full details if you want to claim expenses below this amount.
Some less common reliefs, such as Enterprise Investment Scheme relief or relief on Venture Capital Trusts, can only be claimed by completing a tax return.
If you pay tax through PAYE and owe tax at the end of the year, you’ll need a tax return if either of the following applies:
If you have Capital Gains Tax to pay, for example you have sold, given away or otherwise disposed of an asset such as a holiday home or shares, you’ll need to complete a tax return and the Capital Gains Tax pages.
You may need to complete a tax return if you are:
You’ll need a tax return if you are a:
If you don’t need a tax return, you still need to tell your Tax Office about new sources of income and any changes to your income if:
Your taxable income may increase if, for example you receive:
HM Revenue & Customs (HMRC) will decide if you need a tax return. If you pay tax through PAYE, HMRC may be able to collect the tax due through your tax code instead.
There are different types of tax returns depending on the type of income you have.
You need to have your Unique Taxpayer Reference number to complete a tax return.
We can help you to get it and to prepare your tax return.