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, 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.
  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 and your annual income was £50,000 or more.
  6. Your annual income is £100,000 or more.
  7. You received dividend income and are a higher/additional rate taxpayer (if you have no other reason for filing a return you may call the HMRC helpline instead).
  8. You have savings or investment income of £10,000 or more before tax.
  9. You have untaxed income of £2,500 or more from savings, property rental or investments (contact HMRC helpline if less than this).
  10. You have overseas income that needs to be taxed.
  11. You live or work abroad (not UK domiciled) and have UK income.
  12. You are a trustee.
  13. You didn’t pay enough tax last year and haven’t had your tax code adjusted to take account of this, or made a voluntary payment for the same purpose.
  14. 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.