Tax Return: Who needs to complete

Tax Return: Who needs to complete

Self Assessment Tax Return

The tax year in UK is from 6 April to 5 April the following year. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.

Who must send a tax return

You’ll need to send a tax return if, in the last tax year:

 

  • you were self-employed even though the tax due may in fact be ‘nil’
  • you were a company director
  • you got dividends from shares
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you got £2,500 or more from in untaxed income
  • your savings or investment income was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had a P800 from HMRC saying you didn’t pay enough tax last year

 

Deadlines

HMRC must receive your tax return and any money you owe by the deadline.

 

  • paper tax returns send by midnight 31 October 2017
  • online tax returns send by midnight 31 January 2018
  • pay the tax you owe by midnight 31 January 2018

 

You’ll usually pay a penalty if you’re late. Do it early and have peace of mind!

 

Check if you need to fill in a Self Assessment tax return on the GOV.UK

 

To make your life easier we have created a bookkeeping spreadsheet for you. It will give you income and expenditure totals for each month and for each category, as well as overall totals for the year. This spreadsheet is very simple and will help you keeping business financial records.

 

Download

 

Using our bookkeeping spreadsheet, you are also saving with us up to 25% on your tax return!

 

We also created calculators. Feel free to use it!

 

Calculator

 

Need help with completing your tax return, please contact us and our dedicated team will be happy to help.

 

Contact us

 

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About Diana Hurta

Founder, CEO of DH Accounts & Legal Ltd. Business Management Consultant, Accountant and Tax Advisor.

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