There are a number of reasons why a taxpayer is required to complete a self assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.
Taxpayers that need to complete a self assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a self assessment return needs to be filed.
HMRC has an online tool that can help taxpayers ascertain whether they are required to submit a self assessment return.
The list of taxpayers that are likely to be required to submit a self assessment return includes:
Readers who are concerned that they should, or should not be registered for self assessment are welcome to call; we can help you decide, one way or the other.
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