Whether you need to complete a Self Assessment or Personal Tax Return depends on your individual circumstances and the sources of your income.
You will usually need to complete a Self Assessment if:
- You are self-employed or a sole trader.
- You have dividend income or income from savings and investments over £10,000 per year.
- You have rental property income.
- You have income from employment or self-employment and your total income is over £150,000 per year.
- You or your partner receive Child Benefit and your income is over £50,000.
In addition to the above, there may be other circumstances that require you to complete a Self Assessment. You can check the HM Revenue and Customs (HMRC) website or speak to us.
If you do need to complete a Self Assessment, you will need to register for Self Assessment with HMRC by 5th October and file your tax return online by 31st January following the end of the tax year (5 April). You may also need to make payments on account towards your next year’s tax bill.
It’s important to comply with HMRC’s tax rules and regulations, as failure to do so can result in penalties and additional charges.
