19th May 2018
At The Curtis Partnership we have all of this covered for our clients, but we know that some of you out there in Cheadle, Tean, Uttoxeter, Leek or even further afield may not be sure of what you need to do.
When do you need to complete a tax return?
The tax year is from 6 April to 5 April the following year.
- You’ll need to send a tax return if, in the last tax year:
- your income from self-employment was more than £1,000 – this is your ‘trading allowance’
- You got more than £2,500 from renting out property – You will need to contact HMRC if you earn any money from rental properties
- You got more than £2,500 in other untaxed income, for example from tips or commission
- Your income from savings or investments was £10,000 or more before tax
- Your income from dividends from shares was £10,000 or more before tax, you will need to tell HMRC if it was over your dividends allowance of £2,000 and it is likely they will ask you to complete a tax return
- You made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- You were a company director – unless it was for a non-profit organisation (such as a charity) and you did not get any pay or benefits, like a company car
- Your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- You had income from abroad that you needed to pay tax on
- You lived abroad and had a UK income
- Your taxable income was over £100,000
- You were a trustee of a trust or registered pension scheme
- You had a P800 from HMRC saying you did not pay enough tax last year – and you did not pay what you owe through your tax code or with a voluntary payment
- Your State Pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016
Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters)
If you’ve been told to send a return
If you get an email or letter from HM Revenue and Customs (HMRC) telling you to send a return but you do not think you need to the best thing to do is to talk to your accountant.
If you do not need to send a return, you must tell HMRC either:
online – you’ll need to set up a Government Gateway account if you do not have one
by phone or post
You may have to pay a penalty if you do not tell HMRC.
Claiming tax relief
Fill in a tax return to claim money back from HMRC for:
- donations to charity
- private pension contributions as a higher or additional rate taxpayer, or if your scheme is not set up for automatic tax relief
- work expenses over £2,500 – if they’re less and you do not need to send a return for any other reason, contact the helpline instead
Registering for Self Assessment
You need to register if you did not send a tax return last year.
If you are looking for an accountant in Stoke-on-Trent or an accountant in Staffordshire we would be more than happy to talk to you, all of our initial discussions are free of charge. So you have nothing to lose by getting in touch.
This is based on HMRC latest guidance May 2018.