As a Company Director you may not be surprised to learn that HMRC requires me to complete a Self Assessment tax return each year (if I wish to I can complete it on-line).
This morning I received a Notice to complete a tax return setting out the dates by which I need to get my tax return to them.
In addition they sent a very helpful leaflet pointing out the other situations where a person might need to complete a return.
As some of our clients ask about this from time to time, I thought it would be useful to list from that leaflet the situations where HMRC expect a tax payer to complete a return.
If you can answer ‘no’ to all of these questions then you probably don’t need to complete a tax return;
-Were you self employed or a partner in business at any time in the year? (2011-12 tax year 6th April 2011- 5th April 2012)
-Were you a company director?
-Did you receive income over £100,00?
-Did you receive more than £10,000 in savings and investment income?
-Did you receive more than £2,500 in untaxed income?
-Did you receive income from letting out property?
-Did you receive foreign income liable to UK tax?
-Are you an employee claiming expenses or professional subscriptions of £2,500 or more?
If you answered ‘no’ to all those questions then you can call the HMRC (if you have received the notice to complete a tax return), on 0845 900 0444. They will ask you some questions about your employment and income status and then decide if you need to complete a tax return.
If they decide you don’t need to complete a Self Assessment tax return, they will take you out of the process.
If in doubt do speak to either the HMRC or a qualified Accountant.
Photo credit: Flickr/401K
