Do I have to complete a tax return?
If you are self-employed, you have a paid job but earn money on the side from casual work, or you freelance, then 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 is 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.
Key self-assessment dates
If you need to complete a tax return, you should do this after the tax year ends (every 5th April) and before 31st January the following year for online self-assessment. Paper returns should be submitted by the 31st of October.
Once you’ve submitted your tax return, you’ll need to pay the tax you owe by the 31st of January.
We help a variety of businesses with their self-assessments in Derby, Ilkeston, Nottingham, and the wider region, however, we aren’t exclusive to the East Midlands, so please do get in touch using the contact form below, or call us on 0115 824 0555 if you need any assistance with your tax returns this year.
To discover more about the services that WKM Accountancy Services offers, visit our services page.