When do I have to complete a tax return?
If you are self-employed or have a paid job but earn money on the side from casual work or freelancing you need to do a tax return.
There is a relatively new category for tax returns, stating that if you or your partner’s income is more than £50,000 and either of you are receiving child benefit, you must do a self-assessment.
You must also fill in a tax return form if:
- Your income is more than £100,000
- Your savings or investment income was £10,000 or more before tax
- You made profits from selling things such as shares or a second home and need to pay capital gains tax
- You received £2,500 or more in untaxed income from things such as buy to let property, savings or investments
If you are still unsure, you can use this tool to find out whether you need to send a tax return. If so, you need to do this after the tax year ends (every 5th April) and before 31st January the following year.
For more information and advice about self-assessments please contact us on 0115 824 0555 or email us via our Contact Us page.
To discover more about the services that WKM Accountancy Services offers, visit our services page.