The start of a new year is a busy time for most businesses, especially when the online tax returns deadline is due on January 31st. But do you know who needs to complete a tax return and why? You, yourself may have some questions so here is some advice regarding submitting your online tax return.
Who needs to complete a tax return?
Being a limited company director alone does not mean you have to file a tax return. A contractor, freelancer or self-employed, or an individual who has received additional untaxed income on top of their PAYE.
For some, mostly permanent employees, their tax and NI (national insurance) contribution is already deducted before they receive their pay, therefore they do not need to complete a self assessment tax return.
If any of the following applies to you, then a tax return needs to be completed:
- You are a director of a company
- Received income from land or property in the UK
- Annual income exceeds £100,000
- Annual income exceeds £50,000 and you or your partner receive Child Benefit payments
For more information on what qualifies you to complete a tax return, please visit our How to Complete a Self Assessment Tax Return.
When does the tax return need to be submitted?
By January 31st each year.
What do I need to prepare?
If you have taken advice from your accountant, then you should have been provided a list of what you will need when completing your tax return. However below you can view a brief list.
- Additional Income
- Bank Interest
- Property Income
- Business Expenses
- Tax Details
Completing your self-assessment online can seem like a daunting task. However, we have put together an extensive ‘How to Complete a Self Assessment Tax Return’ page. If you have any further questions about completing your tax return, the please either contact your dedicated accountant if you are a client, or call our New Business Team on 01263 362062 or email firstname.lastname@example.org