Helping individuals and small business owners with their tax and accountancy needs
The UK operates a self-assessment system, which means that, with little help or guidance from HMRC, you are required to complete your own return and calculate your own tax position correctly in order to avoid being financially penalised.
You could be required to file your own tax return for many reasons.
- You fall under Self-assessment with HMRC
- Your income is over a £100,000 a year
- Your investment income is subject to higher rate tax
- Child Benefit Tax Charge
- Partnership Income
- Property Income
- Disposal of assets
The list is endless.
In some circumstances, whilst not strictly necessary to file a tax return, it can also benefit you to complete one. For example, if you make pension contributions or charitable donations, you may be missing out on a tax reclaim. Or you may be generating losses in letting a property or in selling assets. You will only be able to use these losses to reduce current or future tax liabilities if you report them on a tax return.