To be (In Self Assessment) or not to be (In Self Assessment) – That Is The Question!
In the March budget HMRC announced that the tax return as we know (and love?) it is to be abolished. As we eagerly await the release of the “roadmap” in late 2015, which outlines the plan, let us remind you who should currently be submitting tax returns. This list is taken from the Gov website and is correct as at July 2015. It is not exhaustive.
You should be in self-assessment if:
- you’re self-employed
- you have £2,500 or more in untaxed income, e.g. from renting out a property or savings and investments
- your savings or investment income is £10,000 or more before tax
- you’ve made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you’re a company director – unless it’s a non-profit organisation (e.g. a charity) and you don’t get any pay or benefits
- your income (or your partner’s) is over £50,000 and one of you claims Child Benefit
- you have income from abroad that you need to pay tax on
- you live abroad and have UK income
- you receive dividends from shares and you’re a higher or additional rate taxpayer
- your income is over £100,000
- you’re a trustee of a trust or registered pension scheme
- Certain other people may need to send a return (e.g. religious ministers or Lloyd’s underwriters)
For further information please contact Green & Co
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
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