16 August 2023
There are many reasons that someone may need to complete a self-assessment tax return, but are you aware of them all? To make things a little bit easier, HM Revenue and Customs (HMRC) has released a tool to assist taxpayers in identifying if they need to register and complete one.
The tool can also be used to check if you no longer need to complete one.
HMRC state that you may need to complete a return if you:
- are newly self-employed and have earned more than £1,000
- have multiple sources of income
- have received any untaxed income, for example earning money for creating online content
- earn more than £100,000 a year
- earn income from property that they own and rent out
- are a new partner in a business partnership
- are claiming Child Benefit and they or their partner have an income above £50,000
- receive interest from banks and building societies (more than £10,000)
- receive dividends in excess of £10,000
- need to pay Capital Gains Tax
- are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.
It is important to remember that self-assessment is not just for the self-employed and this tool can be a great resource to signpost to employees who may fall into the above criteria.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.