Hints, Tips and Guides

...to grow a business that works for you

Who needs to do a tax return?

The deadline for registering for self-assessment is 5th October each year. There’s a number of reasons that you might need to register for self-assessment, some are more common than others!

If one of these has applied to you for the first time between 6th April and the following 5th April you have until the 5th October to let HMRC know. For example if you became self-employed on 31st June 2022 you must register for self-assessment by 5th Oct 2023.

We’ve tried to put these in order of what is most likely to apply to you so you don’t get bored before you hit the important ones!

  • Your income from self-employment was more than £1,000. This can be from anything you do, for example selling things on ebay, cleaning windows, walking dogs, or a range of odd jobs.
  • You got more than £2,500 from renting out property – if it was between £1,000 and £2,500 there are a few things we need to double check to see if you need to complete a return.
  • You got more than £2,500 in other untaxed income, for example from tips or commission.
  • You were a company director – unless it was for a non-profit organisation (such as a charity) and you did not get any pay or benefits, like a company car.
  • You made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax.
  • Your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit.
  • You have deductible expenses from your employment over £2,500 that you can reclaim tax on. Professional subscriptions and mileage reimbursed under the HMRC rate are both areas where you can reclaim some tax.
  • You’ve made large donations to charity and wish to claim the tax relief.
  • You’ve made private pension contributions as a higher or additional rate taxpayer, or if your scheme is not set up for automatic tax relief and you wish to claim the tax relief.
  • Your taxable income was over £100,000. This is one that people often forget. As soon as your income goes over £100,000 let us know so we can make sure you don’t underpay tax!
  • Your income from savings or investments was £10,000 or more before tax.
  • Your income from dividends from shares was £10,000 or more before tax – tell HMRC if it was over your dividends allowance.
  • You had income from abroad that you needed to pay tax on.
  • You lived abroad and had a UK income.
  • You were a trustee of a trust or registered pension scheme.
  • You had a P800 from HMRC saying you did not pay enough tax last year – and you did not pay what you owe through your tax code or with a voluntary payment.

If any of these apply to you and you’ve never sent HMRC a tax return before get in contact with us ASAP so we can get you registered before the deadline this year!

Latest articles

Want to do what you love and fund your lifestyle?

It’s possible to have both when you have the right sidekick.