If HMRC send you a notice reminding you to fill in a Self Assessment tax return, you should do so!
But what happens if you are not presently reminded or required by HMRC to send in a return?
The following persons should notify HMRC that they need to submit a return even if HMRC are not presently asking them to do so:
- If you are, or become, self-employed, this includes being a member of a partnership.
- If you are a company director, a minister of religion or member of Lloyd’s
You are also required to send in a return if your income from the following sources exceeds:
- £10,000 or more income from savings and investments
- £2,500 or more income from untaxed savings and investments*
- £10,000 or more income from property (before deducting allowable expenses)
- £2,500 or more income from property (after deducting allowable expenses)
- annual trust or settlement income on which tax is still due (even if you’re only treated as receiving this income)
- income from the estate of a deceased person on which tax is still due
* Although there is no requirement to request a tax Return if your untaxed savings income is below £2,500, it is necessary that you advise HMRC to include the income as a deduction on your Notice of Coding.
- You are 65 and receive a reduced age related allowance
- You have any foreign income that is liable to UK taxation
- Your annual income is over £100,000
- You need to claim certain allowances or reliefs
- You have capital gains tax to pay
- You are a trustee
- If you have lived or worked abroad or you are not domiciled in the UK
- If you have untaxed income sources and are using personal allowances elsewhere
As you can see this is quite a list. Unfortunately it is the taxpayers’ responsibility to notify HMRC that they need to submit a return. If you have any doubts about your status please call.