There are a number of reasons why a taxpayer needs to complete a Self-Assessment tax return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.
Taxpayers that need to complete a Self-Assessment tax return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which the Self-Assessment tax return needs to be filed.
In certain circumstances, HMRC also asks taxpayers to complete tax returns. HMRC has an online tool that can help taxpayers ascertain whether they are required to submit a Self-Assessment tax return.
The list of taxpayers that are likely to be required to submit a Self-Assessment tax return includes:
For more information on the mechanics of completing your Self-Assessment tax return please see our article How to Fill In Your Tax Return Online or contact us directly for more help.