Do I Need to Complete a Tax Return?

Unlike other countries such as Australia, USA, Canada and many other countries it is not a requirement for every individual to complete a tax return.

You may think you do not need to complete a Tax Return but are you really sure? The problem is that the responsibility for realising when you need to complete a tax return lies with the individual tax payer and not as most people wrongly assume with HM Revenue & Customs. It is up to you to notify HM Revenue & Customs that you need to complete a tax return within 6 months following the end of the tax year you believe you need a tax return for.

Failing to notify HM Revenue & Customs within the time limit could result in a £100 penalty.

So do you need to complete a tax return? Here is a list of criteria that if you answer yes to any question you will need to complete a tax return:

1. Self-Employed – all self-employed individuals, including partnerships
2. If you are a company director, minister of religion, Lloyds names or members
3. Income above a certain level from investments, property and savings

Savings and investment income of £10,000 or more

Untaxed income of £2,500 or more

Income from property of £10,000 or more, (before deduction of expenses)

Income from property of £2,500 or more after expenses

Trust or settlement income

Income from an estate of a deceased person where tax is due

4. Foreign income liable to UK tax
5. Have an annual income of £100,00 or more
6. Claiming of expenses or relief’s of £2,500 or more
7. Tax owing to HM Revenue & Customs that cannot be collect via PAYE
8. Capital gains tax
9. People arriving or leaving the UK may need to complete a tax return in certain circumstances
10. Trustee or personal representative including trustees of certain pension schemes

Tax Advantage Tax Return Services

Tax Advantage provides a cost effective Tax Return preparation service. Where possible everything is conducted via email and telephone which makes the whole process fast and convenient. This is cost effective to us and the savings are passed to our clients.
With fixed fees available we are certain we can quote you very competitively.

Contact us now for a hassle free, quick service.

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