We are fast approaching the end of the 2015-16 tax return filing period – returns for this year should be filed electronically by 31 January 2017.
If you are not registered for self-assessment you may be wondering if you should consider registering for 2016-17. We have listed below HMRC’s list of who should be submitting a tax return:
- you were self-employed – you can deduct allowable expenses
- you got £2,500 or more in untaxed income, for example from renting out a property or savings and investments – contact the helpline if it was less than £2,500
- your savings or investment income was £10,000 or more before tax
- you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- you were a company director – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- you got dividends from shares and you’re a higher or additional rate taxpayer – but if you don’t need to send a return for any other reason, contact the helpline instead
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
- you 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 payment
Certain other people may need to send a return (for example religious ministers or Lloyd’s underwriters) – you can check whether you need to. You usually won’t need to send a return if your only income is from your wages or pension.
Once registered, you must file your return even if you have no tax to pay. There are penalties payable if you are required to file a return and do not do so by the required filing deadline. The deadline to file a 2016-17 tax return will be 31 January 2018.
Source: New feed