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Do you need to complete a self-assessment tax return?

18 Jan

Do You Need to Complete a Self-Assessment?

For many, the tax return deadline at the end of January can loom ominously throughout the month. No one enjoys filling out their self-assessment form – but for most people, it isn’t a requirement. If you are employed, you’ll probably have taxes deducted from your wages automatically through PAYE, unless you have additional sources of income or reliefs to claim. There are circumstances – if you are self-employed or a company director or are liable for capital gains tax – where you will have to fill in a tax return. If so, it’s nothing to fear – with the right preparation, completing your self-assessment can be relatively straightforward, and if you are a more complicated case or need help, you can always call upon local chartered accountants in London and Watford like the team here at Dua & Co. We’ll be delighted to help.

To find out if you’ll need to submit a self-assessment tax return, read on.

If You Are a Company Director or Self-Employed

If you are the director of a company, though not self-employed, you will also have to complete a tax return. If you are employed, then most likely you are paying tax automatically through the PAYE system. Although if you are self-employed, you will need to submit a self-assessment tax return. This applies even if you are also employed at another job. If you’ve had any income coming in from self-employment, for example if you’ve been working as a freelancer, then you must complete a tax return. Though this may seem stressful, it does have its benefits. If you are working from home in your self-employed role, you may be eligible for tax deductions such as use of home as office and business expenses.

If You’ve Lived or Received Income from Abroad

If you’re looking for accountants in Watford, look no further than Dua & Co. – we’ve many years of experience in property accounting, and we can guide you through every aspect of the planning, legal and fiscal responsibilities involved in property development. But before you start planning your career as a developer, there are some things you should consider – read on!

If You’ve Received Money from Investments or Sales

If you owe capital gains tax, as the result of selling shares or property, then you need to complete a tax return. The same applies if you’ve received dividends from shares even if you haven’t sold them, this applies only if you are a higher or additional rate taxpayer.

Other examples of when you need to submit a tax return

There are other cases where you will have to submit a tax return. If your income is over £100,000, or over £50,000 and you’ve claimed child benefit, you must complete a self-assessment. The same applies if you’ve received a P800 from HMRC to say that you didn’t pay enough tax last year, or if you are the trustee of a trust or registered pension scheme. If you’ve been renting out property, whether here or abroad, you’re the beneficiary of a trust, or have assets abroad generating income, you must also submit a tax return. If you would like to claim relief on pension contributions, you should also submit your tax return.

It might be easy finding out whether or not you need to complete a tax return, but actually doing it can be much trickier. If you are feeling apprehensive about struggling with an online tax return, it’s not too late to get help. Dua & Co. are friendly, experienced and knowledgeable chartered accountants in London, and we’d be happy to lend a hand – give us a call. So the end of January is nothing to fear – with the right assistance, completing your self-assessment can be stress-free.

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