Do I need to do a tax return?

The deadline for submitting a self assessment tax return is now rapidly approaching (31 January).  Although you’ve now missed the deadline for registration (as well as paper returns), HMRC are more likely to penalise you if you submit your tax return late, or pay your tax after it’s due.  So here’s a brief reminder of reasons why you might need to file a return:

  1. You are self employed, with income of more than £1,000 (you are entitled to a ‘trading allowance’ which covers up to this amount).
  2. You need to pay capital gains tax because (for example) you have made profits from selling shares, a second home or other assets.
  3. You are a company director (unless you received no pay or benefits).
  4. You are minister of religion or Lloyd’s name.
  5. You or your partner claim child benefit, your annual income was £50,000 or more, and you have a higher overall income than your partner.
  6. Your annual taxable income is £100,000 or more.
  7. You received dividend income of £10,000 or more before tax.  If your dividends are less than this but more than the dividend allowance you should call the HMRC helpline instead).
  8. You have savings or investment income of £10,000 or more before tax.
  9. You received income of £2,500 or more from renting out property (contact HMRC helpline if less than this but more than £1,000).
  10. You are in receipt of a State Pension that is higher than your Personal Allowance and this is your sole source of income.
  11. You have other untaxed income (such as tips or commission) of £2,500 or more.
  12. You have overseas income that needs to be taxed.
  13. You live or work abroad (not UK domiciled) and have UK income.
  14. You are a trustee.
  15. You didn’t pay enough tax last year (HMRC will have told you this via a P800) and haven’t had your tax code adjusted to take account of this, or made a voluntary payment for the same purpose.
  16. You want to claim tax relief for pension contributions, gift aid or work related expenses.  In the latter case, only if £2,500 or more of expenses – less than this, you can call the HMRC helpline if you have no other reason to file a return.
  17. You need to prove self-employment (for example to claim Tax Free Childcare or Maternity Allowance).
  18. You wish to make voluntary Class 2 NI contributions.


HMRC also provide an online tool that allows you to check if you need to submit a return.

Jameson Accounting Services can assist you with all matters connected with your tax return, including the points above, registration procedure as well as completion and submission of the return itself.

Any initial discussion is without obligation and free of charge.  Contact us today to get started or to discuss any question you think we can help with.  Alternatively call us on 07974 825093.