- You are self-employed, which also includes being a member of a partnership or LLP
- You are a director of a company
- Your annual salary is above £100,000 - earning above this threshold may cause higher/additional rate tax which hasn’t been collected through your tax code or a loss of your personal allowance
- You have savings, investments or property income that may have been untaxed when received or not fully taxed at the correct rate
- You receive income from overseas that is liable to UK Tax
- You are liable to capital gains tax (CGT) – disposing of assets such as houses or shares at a profit will cause you to be liable to capital gains tax
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Not everyone is required to submit a self assessment tax return to HMRC, but if your tax affairs are more complicated, you will need to register for self-assessment and submit a tax return.
Who is likely to need to submit a return?
Most income that is earned in the UK is liable to income tax. However, if you are an employee without any other sources of income, the tax you owe will be collected by the PAYE system meaning that you don’t have to submit a tax return. There are many circumstances which require you to submit a return. These include if:
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