Who Must File Self Assessment Tax Return?

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Who Must File Self Assessment Tax Return?

You’ll need to file a tax return if, in the tax year ended 05th April,2017, you fall under any of the below category.
you were self-employed you got £2,500 or more in untaxed income, eg tips or renting out a property your income from savings or investments was £10,000 or more before taxyour income from dividends from shares was £10,000 or more before taxyou made profits from selling shares, second home or other chargeable assets and have to pay CGTyou were a company director your income (or your partner’s) was over £50,000 and one of you claimed Child Benefityou had overseas income from that you have to pay tax onyou lived abroad and had a UK incomeyour taxable income was over £100,000you were a trustee of a trust or registered pension schemeyou had a P800 from HMRC saying you didn’t pay enough tax last year – and you didn’t pay what you owe through your tax code or with a voluntary paymentyour State Pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016
Certain other category of people may also have to file tax return like religious ministers or Lloyd’s underwriters. You usually won’t need to send a return if your only income is from your wages or pension.
In the next blog, we will guide you the allowable expenses you can claim for when filing your tax return. However, if you find any issue or problem you can email us for help at Info@pyramidpointlimited.co.uk or visit our website www.pyramidpointlimited.co.uk

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