Blog.
Accounts made easy.
Who must send a tax return? When should they be submitted?
You must submit a tax return if you were:
- Self Employed as a 'sole trader' and earned more than £1000 (Before taking off anything you can claim on relief)
- a partner in a business partnership
You will not ordinarily submit a return if you are employed or solely claiming a pension. However you may need to if you have other sources of income such as:
- Renting out properties
- tips or commission
- income from savings, investments or dividends
- foreign income
If you are not sure you can check here.
Other reasons to submit a return.
- Claim some income tax reliefs
- prove you're self employed, for example to claim Tax-Free Childcare or Maternity Allowance.
If you get Child Benefit
If yours (or your partners) income exceeds £50,000, you may need to send a return and pay the High Income Benefit Charge.
⭐ FEBRUARY – WEEK 3 Helpful Hint: Keep Business and Personal Finances Separate — It Saves You Money
⭐ FEBRUARY – WEEK 2 Helpful Hint: Don’t Ignore HMRC Letters — Get Professional Support Immediately
⭐ FEBRUARY – WEEK 1 Helpful Hint: Start the New Tax Year Organised — Avoid Another January Panic
⭐ WEEK 4 – Helpful Hint: Don’t Rush Your Return — Mistakes in January Are Costly (Let a Professional Handle It)
WEEK 3 – Helpful Hint: Check If You Need Payments on Account (And Why It’s Best to Let a Professional Handle It)
WEEK 2 – Helpful Hint: Don’t Miss Out on Allowable Expenses
Self Assessment Tax Return Help and Support
Working from Home? Here’s How to Claim Part of Your Household Bills as Business Expenses
When should you file your accounts?
Allowable expenses - comprehensive list of what can be claimed.
