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BUSINESS TIPS

Do I need to complete a tax return? What is Self Assessment?

In the UK, you may be required to prepare an individual self assessment tax return for a number of reasons.  This return applies to individuals, normally where they receive income which is not fully taxed at source.

Common reasons why you may need to complete a return include:

  • Individuals who are self employed, partners in a partnership, or directors of a limited company.
  • Individuals who have rental income from property.
  • Individuals who made a capital gain in the tax year from the sale of an asset, such as a property, shares or the sale of a business.
  • Individuals earning over £100,000 pa.
  • Individuals who receive income without the deduction of tax, for example gross interest.

The self assessment tax return needs to be completed covering a tax year.  In the UK the tax year runs from 6th April to the following 5th April.  The deadline for filing a tax return is 31st January following, if the return is filed online.

Individuals are not required to use a tax advisor to file their return, although a large number of people do so.  You may choose to use a tax advice specialist if you have complex affairs, or are unsure about the requirements.

Whilst anyone can prepare a return without needing any special form of qualification, it is normally recommended that you engaged a Chartered Tax Adviser or Tax Technician to help you, since these individuals have specialist tax qualifications.

For more information of tax return services, please contact our tax department on 020 8429 9245.