If you earn income outside of employment it's likely you'll need to complete as self-assessment tax return each year. There can be many reasons why you may be required by law to submit an annual self-assessment return to HMRC. Here are some of the main reasons:
You receive dividends or other investment income not taxed at source.
You sell an asset or property other than you main residence.
You become a director of a company.
You have a sole trader business or you are involved in a partnership.
You are a higher rate taxpayer and you make pension contributions.
You earn employment income in excess of £100,000.
If you fall into one of the above categories then you will be required to submit a tax return to HMRC no later than 31st January for the previous tax year to 5th April. If you are still unsure whether you need to submit a tax return then speak to us for a no obligation chat.
It is possible for individuals to submit their own tax return using HMRC's government gateway website. However it is not uncommon that we receive calls from people running into difficulty which can lead to paying out for corrective work and occasionally penalties, not to mention the untold stress along the way.
At decimal+ we have the knowledge and experience to ensure your return is submitted accurately and on time. There is every chance we will save you money overall by applying the many tax reliefs available to UK tax payers.TALK TO US ABOUT YOUR TAX RETURN