Taxpayers offered online tool to assess their self-assessment requirement
It should seem obvious whether an individual must submit a self-assessment tax return annually. Yet, each year, thousands of people find themselves brought into the regime unwittingly.
To help taxpayers prepare their affairs accordingly, HM Revenue & Customs (HMRC) is offering a free online tool to help people find out whether they need to submit a return.
Typically, an individual must submit a tax return if, in the last tax year, they were self-employed as a ‘sole trader’ and earned more than £1,000, or a partner in a business partnership.
Most taxpayers will not need to send a return if their only income is from their wages or pensions, which are recorded by employers via PAYE.
However, some individuals may need to submit one if they have any other untaxed income, such as:
• money from renting out a property
• tips and commission
• income from savings, investments and dividends
• foreign income
Taxpayers should be aware that if they use the tool their details will not be sent to HMRC. If you are unsure whether you need to submit a tax return, please click here to use the tool.
- Taxpayers treated unfairly by HMRC, says House of Lords report
- Taxpayers offered online tool to assess their self-assessment requirement
- Tax rates rise twice as fast in the UK than the international average
- An end to the Entrepreneurs’ Relief ‘dilutions dilemma’?
- Brexit uncertainty sends small business confidence to a seven-year low
- Debt recovery costs small businesses an average of £9,000
- Smaller estates should not have to file IHT paperwork, says Office for Tax Simplification
- Big increase in P2P lending
- 180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)
- Italian e-invoicing requirements make Making Tax Digital look like a walk in the park
- House of Lords calls for a delay to Making Tax Digital
- UK takes second spot for tax compliance in G20
- Unwrapping Christmas tax gifts
- National Living Wage to rise in April 2019
- Entrepreneurs’ Relief rules to be tightened
- Research reveals Inheritance Tax hotspots across the UK
- R&D Tax Credit system to be reviewed in light of fraudulent claims
- HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error
- Payee names to be required for bank transfers in effort to combat fraud and errors
- Public pilot of Making Tax Digital for VAT opens
- Autumn Budget 2018
- Budget date 2018 announced, with half the usual notice
- Employment claims from contractors brought within IR35 expected after HMRC settlement
- Just eight per cent of business loan applications successful with one high street bank
- Government backed tax-free savings plan to help savers earn 50p on every £1
- HMRC investigates estate valuations as part of IHT campaign
- Micro businesses bear the brunt of late payments
- HMRC finally launches MTD communications plan and simplified guidance
- Workers miss out on £15.6 million in pay through minimum wage breaches
- CIOT reports increase in R40 refund errors
- Property investments once again hit by new tax rules
- HMRC releases new advisory fuel rates for company car users
- One in ten small businesses are concerned about business failure
- A quick guide to the new penalties for late MTD filing and payments
- Regulator tells banks to stop victim-blaming
- Working 9 to 5? It’s an unusual way to make a living
- Finance Bill shrinks in the parliamentary wash-up as PM announces snap election
- New civil penalty notices are now in effect for residential landlords
- A furnished holiday letting won’t just give your customers much needed relief
- P11D dispensations have been dispensed with
- Online VAT fraud and error costing UK dear
- HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax
- HMRC goes “nuclear” in pursuit of unpaid taxes
- Could you benefit from Tax-Free Childcare?
- Give your business’ finances a spring clean
- Does Annual Tax on Enveloped Dwellings (ATED) apply to you?
- Businesses are more buoyant, says the Bank of England
- Record number of employers underpaying workers
- Cash basis accounting for landlords
- Trivial in name only – do you know the rules on trivial benefits in kind?
- Warning over unexpected late payment notices in relation to now-liquidated companies
- Small businesses see changes to the VAT Flat Rate Scheme
- Spring Budget 2017
- The Restaurant Show: Preview
- Pub 16
- HMRC enquiries
- The Restaurant Show: What does it have to do with pubs?
- Private investment in pubs
- Summer Budget Statement 2015
- Miller Magic!
- Retail Rate relief scheme
- If you’re an employer, you should read this
- Pensions Auto Enrolment: All employers must read this…