Do you need to complete a Self Assessment tax return?

Industry News - 13th September 2023

There are a number of reasons why you might need to complete a Self Assessment tax return for the first time. If you have had a recent change in work or personal circumstances, you may need to file a return for the 2022-2023 tax year.

HMRC has an online tool that can help you check if you are required to submit a Self Assessment return.  If you find that you do need to file a return, you must advise HMRC as soon as possible or by 5 October 2023 at the latest.

The following list summarises some of the reasons when taxpayers are usually required to submit a Self Assessment return:

•  newly self-employed (earning more than £1,000)
•  individuals with multiple sources of income
•  taxpayers that have received any untaxed income, for example earning money for creating online content
• individuals with income over £100,000 (and note that from tax year 2023-24 the Self Assessment threshold for individuals taxed through PAYE only, will change from £100,000 to £150,000) 
• those who earn income from property that they own and rent out
• those who are a new partner in a business partnership
• taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit
• those receiving interest on savings or investment income of £10,000 or more before tax
• taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
• taxpayers who are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.

The online tool can also be used to check if your work or personal circumstances have changed and you think you no longer need to submit a tax return. If this is the case, you must inform HMRC before 31 January 2024 to avoid any penalties.

Contact us for more information.

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