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Filing Out your Self Assessment Tax Return

When it comes to declaring your income by filing a Self Assessment Tax Return (SATR) the responsibility rests entirely with you, the taxpayer.

You may have disappeared off the taxman’s radar a while ago, perhaps because your circumstances at the time meant that you didn’t need to file a SATR, but that doesn’t necessarily mean you don’t have to file one today.

Either the criteria for filing a Return or your individual circumstances (or both) may have changed.

We have devised a simple checklist to help you to discover if you or your partner should be filing a Return. If, having worked your way through the checklist, it becomes apparent that you may have to file Tax Returns and feel you’d rather hand this task over to the professional, please contact me.

If ANY of these situations apply to you or your partner, either for this tax year or recent years, then it is likely that one or both of you should have filed a Tax Return for those years. It is important to make HMRC aware as soon as possible if your circumstances have changed in order to avoid penalties being charged at a later stage:

1. Are you self-employed – either as a sole trader or in partnership?

2. Are you a company director, minister, Lloyd’s name or member?

3. Is your annual income in excess of £100,000?

4. Do you already pay tax through PAYE and additionally have income in excess of £10,000 from taxed savings and investments, or in excess of £2,500 from untaxed savings and investments?

5. Do you already pay tax through PAYE and additionally have income in excess of £10,000 from property (before deducting expenses), or, £2,500 after deducting allowable expenses?

6. Do you have no current income that is subject to tax under the PAYE system?

7. Are you employed and need to claim expenses in excess of £2,500?

8. Do you or your partner receive Child Benefit and do either of you have income over £50,000?

9. Are you 65 or over and receive a reduced age-related allowance?

10. Do you receive income from overseas?

11. Do you have income from trusts, settlements or estates?

12. Do you have any Capital Gains Tax to pay?

13. Have you lived or worked aboard or are not domiciled in the UK?

14. Are you a trustee?

The above list is based on HMRC’s current Self Assessment filing requirements. As with all matters that relate to UK tax there are some complex areas. If you complete the checklist and are still unsure if you need to file a Tax Return, or if you need help with the SATR registration process or filing of SATR, please do not hesitate us here at THP.

Avatar for Kirsty Demeza
About Kirsty Demeza

With a portfolio that ranges from startups to companies with a £10 million turnover, Kirsty’s talent for working closely with her clients ensures her services remain in strong demand.

“The most rewarding part of my role is seeing clients succeed,” she says. “When you help a new business and watch it expand into new premises and secure big contracts, it’s a great feeling.” Kirsty never finds two days are the same.

As well as providing accounting services that range from self-assessment tax planning and VAT to audit and accounts, she’s part of THP’s sales team and closely involved in helping our trainees to develop their skills.

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