Tax legislation in the UK is one of the largest in the world and can be confusing and complicated. Even the most straight forward tax return, can be complicated.
Some of the most common reasons you will need to file a personal tax return are;
- you were self-employed – you can deduct allowable expenses
- you received £2,500 or more in untaxed income, for example from tips or renting out a property
- You received income from a partnership or LLP
- your income from savings or investments was £10,000 or more before tax
- your income from dividends from shares was £2,000 or more before tax
- 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 had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
This list does not cover everything, so if you are unsure whether you need to file a tax return, it is best to check. If you need to file a tax return and register for self-assessment after 5 October following the end of the tax year, then you may be charged a penalty.
As part of our service we will;
- Make sure that you are aware of all transactions that need to be included on your tax return.
- Calculate your tax liability
- Advise on any tax savings that can be made
- Complete your tax return
- File you tax return
- Let you know payment deadlines if any liability is due
If you are unsure whether you will need to file a tax return, get in touch and we can discuss this in our free initial consultation.
Brighton & Hove Accountants - Wood & Associates LLP 