There are a number of reasons why a taxpayer needs to complete a Self Assessment return.
Included in this are people who are self-employed, company directors, have an annual income over £100,000 and/or have income from savings, investment or property.
Taxpayers that need to complete a Self Assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a Self Assessment return needs to be filed.
In certain circumstances, HMRC will request taxpayers to complete tax returns. HMRC has an online tool that can help taxpayers ascertain whether they are required to submit a Self Assessment return. HMRC publishes a list of taxpayers who would usually be required to submit a Self Assessment return.
The list includes:
For more information, contact www.exceeduk.co.uk